Scotiabank Issues Optimistic Forecast for Methanex Earnings

Methanex Co. (NASDAQ:MEOH) (TSE:MX) – Analysts at Scotiabank lifted their FY2024 earnings estimates for shares of Methanex in a research report issued on Wednesday, January 8th. Scotiabank analyst B. Isaacson now expects that the specialty chemicals company will post earnings of $3.56 per share for the year, up from their prior forecast of $2.53. The consensus estimate for Methanex’s current full-year earnings is $3.11 per share.

Several other research analysts have also issued reports on MEOH. Barclays raised their target price on Methanex from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price objective on shares of Methanex in a research report on Monday. StockNews.com upgraded Methanex from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Cibc World Mkts upgraded shares of Methanex from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 10th. Finally, CIBC restated an “outperformer” rating and issued a $59.00 price target (up previously from $48.00) on shares of Methanex in a research report on Tuesday, December 10th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.25.

Methanex Price Performance

Shares of NASDAQ:MEOH opened at $48.45 on Friday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.01 and a current ratio of 1.34. Methanex has a 52 week low of $36.13 and a 52 week high of $56.43. The firm has a market cap of $3.26 billion, a PE ratio of 22.64 and a beta of 1.37. The firm’s fifty day moving average is $46.01 and its 200-day moving average is $44.84.

Methanex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th were given a dividend of $0.185 per share. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.53%. Methanex’s payout ratio is presently 34.58%.

Hedge Funds Weigh In On Methanex

Institutional investors have recently made changes to their positions in the stock. Truist Financial Corp lifted its position in Methanex by 5.0% in the 2nd quarter. Truist Financial Corp now owns 6,219 shares of the specialty chemicals company’s stock valued at $300,000 after acquiring an additional 294 shares in the last quarter. Bank of Hawaii lifted its stake in Methanex by 4.2% in the third quarter. Bank of Hawaii now owns 11,470 shares of the specialty chemicals company’s stock valued at $474,000 after purchasing an additional 465 shares during the last quarter. Value Partners Investments Inc. grew its holdings in Methanex by 10.4% during the third quarter. Value Partners Investments Inc. now owns 5,642 shares of the specialty chemicals company’s stock valued at $233,000 after purchasing an additional 532 shares during the period. Pinnacle Associates Ltd. grew its holdings in Methanex by 3.4% during the third quarter. Pinnacle Associates Ltd. now owns 21,701 shares of the specialty chemicals company’s stock valued at $897,000 after purchasing an additional 707 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in Methanex by 1.6% in the second quarter. The Manufacturers Life Insurance Company now owns 55,978 shares of the specialty chemicals company’s stock worth $2,699,000 after buying an additional 887 shares during the last quarter. Institutional investors and hedge funds own 73.49% of the company’s stock.

About Methanex

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.