Raymond James Issues Positive Forecast for Methanex Earnings

Methanex Co. (NASDAQ:MEOH - Free Report) TSE: MX - Analysts at Raymond James increased their Q3 2024 earnings per share (EPS) estimates for Methanex in a report released on Tuesday, October 22nd. Raymond James analyst S. Hansen now forecasts that the specialty chemicals company will earn $0.67 per share for the quarter, up from their prior forecast of $0.52. Raymond James 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.

Several other brokerages have also recently issued reports on MEOH. UBS Group reduced 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. Piper Sandler boosted their price objective on shares of Methanex from $51.00 to $68.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 10th. Royal Bank of Canada restated a "sector perform" rating and set a $55.00 target price on shares of Methanex in a report on Tuesday, September 3rd. Barclays downgraded shares of Methanex from an "overweight" rating to an "equal weight" rating and reduced their price target for the company from $56.00 to $44.00 in a report on Tuesday, September 10th. Finally, Scotiabank increased their price target on shares of Methanex from $58.00 to $60.00 and gave the company a "sector outperform" rating in a research report on Wednesday, July 10th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $55.38.

Methanex Price Performance

Shares of MEOH stock traded up $0.18 during midday trading on Friday, reaching $40.56. 249,088 shares of the company traded hands, compared to its average volume of 298,938. The firm's 50 day simple moving average is $42.11 and its two-hundred day simple moving average is $46.57. The firm has a market cap of $2.73 billion, a PE ratio of 18.87 and a beta of 1.35. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.25 and a quick ratio of 0.87. Methanex has a 1-year low of $36.13 and a 1-year high of $56.43.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last announced its quarterly earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.62 earnings per share (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 the consensus estimate of $954.26 million. Methanex had a net margin of 4.05% and a return on equity of 5.44%. The business's revenue was down 2.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.60 EPS.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Headlands Technologies LLC grew its position in shares of Methanex by 346.5% in the first quarter. Headlands Technologies LLC now owns 902 shares of the specialty chemicals company's stock valued at $40,000 after purchasing an additional 700 shares during the period. Larson Financial Group LLC purchased a new stake in Methanex in the 1st quarter valued at about $45,000. Blue Trust Inc. increased its stake in shares of Methanex by 52,500.0% during the 2nd quarter. Blue Trust Inc. now owns 1,578 shares of the specialty chemicals company's stock valued at $70,000 after acquiring an additional 1,575 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Methanex by 572.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company's stock worth $93,000 after acquiring an additional 1,626 shares during the period. Finally, Squarepoint Ops LLC acquired a new stake in shares of Methanex in the second quarter worth approximately $201,000. 73.49% of the stock is currently owned by institutional investors and hedge funds.

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.