What is Scotiabank’s Forecast for Methanex FY2024 Earnings?

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

Several other equities analysts have also recently weighed in on MEOH. UBS Group reduced their price target on Methanex from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Piper Sandler lifted their target price on Methanex from $68.00 to $71.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. StockNews.com raised shares of Methanex from a “hold” rating to a “buy” rating in a report on Friday, November 8th. CIBC restated an “outperformer” rating and issued a $59.00 price objective (up from $48.00) on shares of Methanex in a research report on Tuesday, December 10th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 target price on shares of Methanex in a report on Monday. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Methanex presently has an average rating of “Moderate Buy” and an average price target of $57.25.

Methanex Trading Down 4.0 %

Shares of MEOH stock opened at $48.45 on Friday. The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of 22.64 and a beta of 1.37. The company’s fifty day simple moving average is $46.01 and its two-hundred day simple moving average is $44.84. Methanex has a 1 year low of $36.13 and a 1 year high of $56.43. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.34 and a quick ratio of 1.01.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in MEOH. Wilmington Savings Fund Society FSB bought a new stake in shares of Methanex in the 3rd quarter worth approximately $40,000. EverSource Wealth Advisors LLC raised its stake in Methanex by 572.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock valued at $93,000 after purchasing an additional 1,626 shares during the period. Blue Trust Inc. grew its position in shares of Methanex by 56.8% during the third quarter. Blue Trust Inc. now owns 2,474 shares of the specialty chemicals company’s stock valued at $102,000 after purchasing an additional 896 shares in the last quarter. Squarepoint Ops LLC bought a new stake in shares of Methanex in the 2nd quarter worth about $201,000. Finally, Value Partners Investments Inc. lifted its holdings in shares of Methanex by 10.4% in the 3rd quarter. Value Partners Investments Inc. now owns 5,642 shares of the specialty chemicals company’s stock worth $233,000 after acquiring an additional 532 shares during the last quarter. 73.49% of the stock is owned by hedge funds and other institutional investors.

Methanex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th were issued a $0.185 dividend. The ex-dividend date 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 34.58%.

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.