Celanese (NYSE:CE) Updates Q3 2024 Earnings Guidance

Celanese (NYSE:CE) issued an update on its third quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 2.750-3.000 for the period, compared to the consensus earnings per share estimate of 3.190. The company issued revenue guidance of -. Celanese also updated its FY 2024 guidance to 10.250-10.750 EPS.

Celanese Stock Performance

Shares of CE stock traded down $6.00 during trading hours on Friday, reaching $131.55. The stock had a trading volume of 1,558,092 shares, compared to its average volume of 759,015. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.21 and a quick ratio of 0.73. Celanese has a twelve month low of $110.76 and a twelve month high of $172.16. The firm has a 50-day simple moving average of $140.61 and a 200-day simple moving average of $150.28. The firm has a market capitalization of $14.37 billion, a PE ratio of 7.24, a price-to-earnings-growth ratio of 0.59 and a beta of 1.30.

Celanese (NYSE:CE) last announced its earnings results on Thursday, August 1st. The basic materials company reported $2.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.42). The company had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.76 billion. Celanese had a net margin of 18.24% and a return on equity of 13.73%. The business’s quarterly revenue was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.17 EPS. As a group, equities analysts forecast that Celanese will post 11.26 earnings per share for the current year.

Celanese Dividend Announcement

The business 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 $0.70 dividend. The ex-dividend date is Tuesday, July 30th. This represents a $2.80 dividend on an annualized basis and a yield of 2.13%. Celanese’s dividend payout ratio is presently 15.41%.

Analysts Set New Price Targets

CE has been the subject of a number of recent analyst reports. KeyCorp decreased their target price on shares of Celanese from $190.00 to $180.00 and set an overweight rating for the company in a research report on Wednesday, July 10th. Wells Fargo & Company reduced their price objective on shares of Celanese from $195.00 to $180.00 and set an overweight rating for the company in a research report on Thursday, June 27th. Mizuho raised their price objective on shares of Celanese from $161.00 to $173.00 and gave the company a neutral rating in a research report on Thursday, May 9th. Royal Bank of Canada raised their price objective on shares of Celanese from $171.00 to $176.00 and gave the company an outperform rating in a research report on Monday, May 13th. Finally, UBS Group reduced their price objective on shares of Celanese from $193.00 to $184.00 and set a buy rating for the company in a research report on Tuesday, July 9th. Four analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Celanese currently has a consensus 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.