Celanese (NYSE:CE) Issues Q3 Earnings Guidance

Celanese (NYSE:CE) issued an update on its third quarter earnings guidance on Thursday morning. The company provided EPS guidance of $2.75-3.00 for the period, compared to the consensus EPS estimate of $3.19. Celanese also updated its FY24 guidance to $10.25-10.75 EPS.

Celanese Price Performance

Celanese stock traded down $3.60 during mid-day trading on Thursday, reaching $137.55. The company had a trading volume of 1,042,573 shares, compared to its average volume of 721,971. Celanese has a 1 year low of $110.76 and a 1 year high of $172.16. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.21 and a quick ratio of 0.73. The company has a market capitalization of $15.02 billion, a P/E ratio of 7.84, a P/E/G ratio of 0.60 and a beta of 1.30. The stock’s 50-day simple moving average is $141.32 and its 200-day simple moving average is $150.44.

Celanese (NYSE:CE) last issued its quarterly earnings data on Wednesday, May 8th. The basic materials company reported $2.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.91 by $0.17. Celanese had a net margin of 18.60% and a return on equity of 14.00%. The business had revenue of $2.61 billion during the quarter, compared to analysts’ expectations of $2.67 billion. During the same period last year, the company posted $2.01 EPS. The company’s revenue was down 8.5% on a year-over-year basis. On average, equities analysts predict that Celanese will post 11.26 EPS for the current year.

Celanese Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 12th. Investors of record on Tuesday, July 30th will be given a dividend of $0.70 per share. The ex-dividend date is Tuesday, July 30th. This represents a $2.80 dividend on an annualized basis and a yield of 2.04%. Celanese’s dividend payout ratio (DPR) is currently 15.41%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CE shares. Mizuho raised their target price on shares of Celanese from $161.00 to $173.00 and gave the stock a neutral rating in a research report on Thursday, May 9th. Bank of America cut their target price on shares of Celanese from $147.00 to $144.00 and set an underperform rating on the stock in a research note on Monday, June 10th. Barclays downgraded shares of Celanese from an overweight rating to an equal weight rating and set a $170.00 price target on the stock. in a research note on Thursday, April 4th. Royal Bank of Canada lifted their price target on shares of Celanese from $171.00 to $176.00 and gave the company an outperform rating in a report on Monday, May 13th. Finally, Robert W. Baird lifted their price target on shares of Celanese from $165.00 to $180.00 and gave the company an outperform rating in a report on Friday, May 10th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Celanese presently has an average rating of Hold and an average price target of $162.75.

About Celanese

Celanese Corporation, a chemical and specialty materials company, manufactures and sells high performance engineered polymers in the United States and internationally. It operates through Engineered Materials and Acetyl Chain. The Engineered Materials segment develops, produces, and supplies specialty polymers for automotive and medical applications, as well as for use in industrial products and consumer electronics.