Brokers Set Expectations for Methanex Co.’s Q2 2024 Earnings (NASDAQ:MEOH)

Methanex Co. (NASDAQ:MEOH) (TSE:MX) – Investment analysts at Scotiabank issued their Q2 2024 earnings estimates for shares of Methanex in a research note issued to investors on Monday, April 29th. Scotiabank analyst B. Isaacson anticipates that the specialty chemicals company will earn $0.60 per share for the quarter. Scotiabank currently has a “Sector Outperform” rating and a $58.00 price target on the stock. The consensus estimate for Methanex’s current full-year earnings is $2.35 per share.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings results on Wednesday, January 31st. The specialty chemicals company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.24. Methanex had a return on equity of 5.38% and a net margin of 4.63%. The company had revenue of $922.00 million during the quarter, compared to the consensus estimate of $901.21 million.

Several other research firms have also recently weighed in on MEOH. UBS Group upped their price target on shares of Methanex from $59.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Barclays boosted their price target on Methanex from $53.00 to $56.00 and gave the company an “overweight” rating in a report on Monday, February 12th. Royal Bank of Canada increased their price objective on Methanex from $45.00 to $50.00 and gave the stock a “sector perform” rating in a report on Friday, April 26th. TheStreet raised Methanex from a “c” rating to a “b-” rating in a research report on Thursday, January 11th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $50.00 price target on shares of Methanex in a research report on Thursday, March 7th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.88.

Methanex Price Performance

Shares of MEOH opened at $48.23 on Wednesday. The stock has a 50 day simple moving average of $45.83 and a 200 day simple moving average of $44.85. Methanex has a 52-week low of $38.18 and a 52-week high of $51.42. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.85 and a current ratio of 1.17. The firm has a market capitalization of $3.25 billion, a PE ratio of 20.44 and a beta of 1.50.

Methanex Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date is Friday, June 14th. Methanex’s dividend payout ratio is currently 31.36%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Methanex by 42.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,612 shares of the specialty chemicals company’s stock worth $616,000 after purchasing an additional 4,031 shares during the period. Mackenzie Financial Corp raised its stake in Methanex by 20.0% in the 3rd quarter. Mackenzie Financial Corp now owns 739,849 shares of the specialty chemicals company’s stock valued at $31,950,000 after acquiring an additional 123,296 shares during the period. Advisor Partners II LLC acquired a new stake in Methanex during the 3rd quarter valued at $209,000. Westbourne Investment Advisors Inc. boosted its position in Methanex by 0.5% during the third quarter. Westbourne Investment Advisors Inc. now owns 103,751 shares of the specialty chemicals company’s stock worth $4,674,000 after purchasing an additional 553 shares during the period. Finally, Fox Run Management L.L.C. bought a new position in shares of Methanex in the third quarter valued at about $364,000. 73.49% of the stock is currently owned by institutional investors and hedge funds.

Methanex Company Profile

Methanex Corporation produces and supplies methanol in China, Europe, the United States, South America, South Korea, Canada, and Asia. The company also purchases methanol produced by others under methanol offtake contracts and on the spot market. In addition, it owns and leases storage and terminal facilities.