Q3 Earnings Forecast for Methanex Issued By Raymond James

Methanex Co. (NASDAQ:MEOH) (TSE:MX) – Investment analysts at Raymond James lifted their Q3 2024 earnings per share estimates for Methanex in a research note issued on Tuesday, October 22nd. Raymond James analyst S. Hansen now expects that the specialty chemicals company will earn $0.67 per share for the quarter, up from their prior estimate of $0.52. Raymond James has a “Outperform” rating and a $54.00 price objective 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 posted its quarterly earnings data on Tuesday, July 30th. The specialty chemicals company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.10. The business had revenue of $920.00 million during the quarter, compared to the consensus estimate of $954.26 million. Methanex had a return on equity of 5.44% and a net margin of 4.05%. The firm’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.60 earnings per share.

Other equities analysts also recently issued research reports about the company. Barclays downgraded Methanex from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $56.00 to $44.00 in a report on Tuesday, September 10th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 target price on shares of Methanex in a research note on Tuesday, September 3rd. Scotiabank increased their target price on Methanex from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 10th. Piper Sandler increased their target price on Methanex from $51.00 to $68.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Finally, UBS Group cut their target price on Methanex from $58.00 to $54.00 and set a “buy” rating on the stock in a research note on Monday, September 16th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $55.38.

Methanex Price Performance

MEOH opened at $40.38 on Friday. The stock has a fifty day simple moving average of $42.31 and a two-hundred day simple moving average of $46.68. The company has a current ratio of 1.25, a quick ratio of 0.87 and a debt-to-equity ratio of 0.80. The company has a market cap of $2.72 billion, a price-to-earnings ratio of 17.11 and a beta of 1.35. Methanex has a 12-month low of $36.13 and a 12-month high of $56.43.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. O Shaughnessy Asset Management LLC lifted its holdings in Methanex by 0.6% in the first quarter. O Shaughnessy Asset Management LLC now owns 39,649 shares of the specialty chemicals company’s stock valued at $1,769,000 after acquiring an additional 229 shares during the period. Truist Financial Corp raised its stake in shares of Methanex by 5.0% in the second quarter. Truist Financial Corp now owns 6,219 shares of the specialty chemicals company’s stock worth $300,000 after buying an additional 294 shares during the period. CANADA LIFE ASSURANCE Co raised its stake in shares of Methanex by 3.0% in the first quarter. CANADA LIFE ASSURANCE Co now owns 13,978 shares of the specialty chemicals company’s stock worth $622,000 after buying an additional 411 shares during the period. Value Partners Investments Inc. raised its stake in shares of Methanex by 10.4% in the third quarter. Value Partners Investments Inc. now owns 5,642 shares of the specialty chemicals company’s stock worth $233,000 after buying an additional 532 shares during the period. Finally, Swiss National Bank raised its stake in shares of Methanex by 0.6% in the first quarter. Swiss National Bank now owns 127,500 shares of the specialty chemicals company’s stock worth $5,681,000 after buying an additional 700 shares during the period. Institutional investors own 73.49% of the company’s stock.

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.