Q1 2024 EPS Estimates for Methanex Co. (NASDAQ:MEOH) Lifted by Raymond James

Methanex Co. (NASDAQ:MEOH) (TSE:MX) – Research analysts at Raymond James boosted their Q1 2024 earnings per share estimates for shares of Methanex in a research note issued to investors on Tuesday, April 16th. Raymond James analyst S. Hansen now anticipates that the specialty chemicals company will earn $0.27 per share for the quarter, up from their previous estimate of $0.19. Raymond James has a “Outperform” rating and a $62.00 price target on the stock. The consensus estimate for Methanex’s current full-year earnings is $2.15 per share. Raymond James also issued estimates for Methanex’s Q2 2024 earnings at $0.70 EPS, Q3 2024 earnings at $0.47 EPS, Q4 2024 earnings at $1.35 EPS, FY2024 earnings at $2.79 EPS and FY2025 earnings at $5.65 EPS.

Several other equities research analysts also recently issued reports on the company. UBS Group raised Methanex from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $51.00 to $60.00 in a research note on Thursday, February 8th. Piper Sandler reaffirmed a “neutral” rating and set a $50.00 price target on shares of Methanex in a research note on Thursday, March 7th. Barclays raised their price target on Methanex from $53.00 to $56.00 and gave the stock an “overweight” rating in a research note on Monday, February 12th. TheStreet raised Methanex from a “c” rating to a “b-” rating in a research note on Thursday, January 11th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $45.00 price target on shares of Methanex in a research note on Wednesday, April 3rd. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $53.50.

Methanex Stock Down 1.3 %

Shares of Methanex stock opened at $46.89 on Thursday. The stock has a 50-day moving average price of $45.31 and a 200 day moving average price of $44.52. The company has a market cap of $3.16 billion, a P/E ratio of 19.06 and a beta of 1.50. The company has a current ratio of 1.14, a quick ratio of 0.81 and a debt-to-equity ratio of 0.84. Methanex has a 1 year low of $38.18 and a 1 year high of $51.42.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings data 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. The firm had revenue of $922.00 million during the quarter, compared to the consensus estimate of $901.21 million. Methanex had a return on equity of 6.71% and a net margin of 4.67%.

Methanex Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were issued a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend was Wednesday, March 13th. Methanex’s dividend payout ratio is 30.08%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MEOH. JPMorgan Chase & Co. increased its holdings in shares of Methanex by 178.4% during the 1st quarter. JPMorgan Chase & Co. now owns 53,409 shares of the specialty chemicals company’s stock valued at $2,914,000 after acquiring an additional 34,223 shares during the last quarter. Citigroup Inc. acquired a new position in shares of Methanex during the 1st quarter valued at about $230,000. Great West Life Assurance Co. Can grew its holdings in Methanex by 27.5% in the 1st quarter. Great West Life Assurance Co. Can now owns 7,845 shares of the specialty chemicals company’s stock valued at $456,000 after buying an additional 1,691 shares during the last quarter. Cibc World Market Inc. grew its holdings in Methanex by 65.0% in the 1st quarter. Cibc World Market Inc. now owns 57,960 shares of the specialty chemicals company’s stock valued at $3,162,000 after buying an additional 22,826 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Methanex by 5.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 455,377 shares of the specialty chemicals company’s stock valued at $24,846,000 after buying an additional 24,201 shares during the last quarter. Institutional investors and hedge funds own 73.49% of the company’s stock.

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.