Scotiabank Weighs in on Methanex Co.'s Q2 2024 Earnings (NASDAQ:MEOH)

Methanex Co. (NASDAQ:MEOH - Free Report) TSE: MX - Equities researchers at Scotiabank issued their Q2 2024 earnings estimates for shares of Methanex in a report issued on Monday, April 29th. Scotiabank analyst B. Isaacson anticipates that the specialty chemicals company will post earnings per share of $0.60 for the quarter. Scotiabank 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.

MEOH has been the subject of several other research reports. UBS Group lifted their price target on shares of Methanex from $59.00 to $62.00 and gave the company a "buy" rating in a research report on Thursday, April 25th. Barclays lifted their price objective on shares of Methanex from $53.00 to $56.00 and gave the stock an "overweight" rating in a report on Monday, February 12th. TheStreet raised shares of Methanex from a "c" rating to a "b-" rating in a report on Thursday, January 11th. Piper Sandler reaffirmed a "neutral" rating and set a $50.00 price objective on shares of Methanex in a report on Thursday, March 7th. Finally, Raymond James cut their price objective on shares of Methanex from $67.00 to $62.00 and set an "outperform" rating on the stock in a report on Wednesday, February 21st. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, Methanex presently has an average rating of "Moderate Buy" and an average target price of $54.88.

Methanex Stock Up 0.7 %

NASDAQ MEOH traded up $0.32 during mid-day trading on Wednesday, hitting $48.23. The company's stock had a trading volume of 286,936 shares, compared to its average volume of 308,593. The company's 50 day simple moving average is $45.83 and its 200 day simple moving average is $44.85. Methanex has a twelve month low of $38.18 and a twelve month high of $51.42. The company has a current ratio of 1.17, a quick ratio of 0.85 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $3.25 billion, a price-to-earnings ratio of 20.44 and a beta of 1.50.

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

Hedge Funds Weigh In On Methanex

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new stake in Methanex during the fourth quarter valued at about $34,109,000. Wellington Management Group LLP lifted its holdings in Methanex by 15.2% during the fourth quarter. Wellington Management Group LLP now owns 4,557,093 shares of the specialty chemicals company's stock valued at $216,043,000 after purchasing an additional 599,778 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Methanex by 21.1% during the fourth quarter. Vanguard Group Inc. now owns 2,443,939 shares of the specialty chemicals company's stock valued at $115,745,000 after purchasing an additional 425,104 shares during the last quarter. FIL Ltd lifted its holdings in Methanex by 4.9% during the fourth quarter. FIL Ltd now owns 7,396,173 shares of the specialty chemicals company's stock valued at $349,868,000 after purchasing an additional 346,475 shares during the last quarter. Finally, Appian Way Asset Management LP purchased a new stake in shares of Methanex in the fourth quarter worth about $6,801,000. 73.49% of the stock is owned by hedge funds and other institutional investors.

Methanex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date of this dividend is Friday, June 14th. Methanex's dividend payout ratio (DPR) is currently 31.36%.

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.