Q3 Earnings Forecast for Methanex Issued By Raymond James

Methanex Co. (NASDAQ:MEOH) (TSE:MX) – Stock analysts at Raymond James lifted their Q3 2024 earnings per share (EPS) estimates for shares of Methanex in a research note issued on Tuesday, October 22nd. Raymond James analyst S. Hansen now anticipates that the specialty chemicals company will post earnings per share of $0.67 for the quarter, up from their prior forecast of $0.52. Raymond James currently has a “Outperform” rating and a $54.00 price target on the stock. The consensus estimate for Methanex’s current full-year earnings is $2.41 per share. Raymond James also issued estimates for Methanex’s Q4 2024 earnings at $1.41 EPS and FY2024 earnings at $3.25 EPS.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.10. The business had revenue of $920.00 million during the quarter, compared to analyst estimates of $954.26 million. Methanex had a return on equity of 5.44% and a net margin of 4.05%. Methanex’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.60 EPS.

A number of other equities research analysts have also commented on MEOH. Barclays lowered Methanex from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $56.00 to $44.00 in a research report on Tuesday, September 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 target price on shares of Methanex in a research report on Tuesday, September 3rd. Piper Sandler raised their target price on Methanex from $51.00 to $68.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Scotiabank raised their target price on Methanex from $58.00 to $60.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 10th. Finally, UBS Group decreased their price objective on Methanex from $58.00 to $54.00 and set a “buy” rating for the company in a report on Monday, September 16th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Methanex currently has an average rating of “Moderate Buy” and a consensus price target of $55.38.

Methanex Trading Up 1.1 %

NASDAQ MEOH opened at $40.38 on Friday. The firm has a market capitalization of $2.72 billion, a P/E ratio of 17.11 and a beta of 1.35. The business has a fifty day simple moving average of $42.31 and a 200 day simple moving average of $46.68. Methanex has a 12 month low of $36.13 and a 12 month high of $56.43. The company has a current ratio of 1.25, a quick ratio of 0.87 and a debt-to-equity ratio of 0.80.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. M&G Plc purchased a new position in shares of Methanex during the first quarter worth about $589,459,000. Vanguard Group Inc. grew its holdings in shares of Methanex by 21.1% during the fourth quarter. Vanguard Group Inc. now owns 2,443,939 shares of the specialty chemicals company’s stock worth $115,745,000 after purchasing an additional 425,104 shares in the last quarter. Bank of Montreal Can grew its holdings in shares of Methanex by 16.3% during the second quarter. Bank of Montreal Can now owns 1,136,436 shares of the specialty chemicals company’s stock worth $55,406,000 after purchasing an additional 159,542 shares in the last quarter. Intact Investment Management Inc. boosted its stake in Methanex by 73.2% in the second quarter. Intact Investment Management Inc. now owns 294,900 shares of the specialty chemicals company’s stock worth $14,236,000 after buying an additional 124,600 shares in the last quarter. Finally, Oppenheimer & Co. Inc. purchased a new stake in Methanex in the second quarter worth approximately $5,971,000. Institutional investors 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.