Scotiabank Has Strong Forecast for Methanex FY2024 Earnings

Methanex Co. (NASDAQ:MEOH - Free Report) TSE: MX - Scotiabank boosted their FY2024 earnings per share estimates for Methanex in a report issued on Wednesday, January 8th. Scotiabank analyst B. Isaacson now expects that the specialty chemicals company will post earnings of $3.56 per share for the year, up from their prior forecast of $2.53. The consensus estimate for Methanex's current full-year earnings is $3.11 per share.

A number of other research firms also recently issued reports on MEOH. StockNews.com upgraded shares of Methanex from a "hold" rating to a "buy" rating in a report on Friday, November 8th. Piper Sandler boosted their price target on shares of Methanex from $68.00 to $71.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 19th. Barclays increased their price objective on shares of Methanex from $44.00 to $46.00 and gave the stock an "equal weight" rating in a research note on Monday, November 11th. CIBC reaffirmed an "outperformer" rating and issued a $59.00 target price (up previously from $48.00) on shares of Methanex in a research report on Tuesday, December 10th. Finally, Cibc World Mkts raised Methanex from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, December 10th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $57.25.

Methanex Stock Down 1.5 %

Methanex stock traded down $0.74 during midday trading on Friday, reaching $47.71. The stock had a trading volume of 379,282 shares, compared to its average volume of 385,547. 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 quick ratio of 1.01 and a current ratio of 1.34. The firm's fifty day simple moving average is $46.19 and its 200-day simple moving average is $44.83. The stock has a market capitalization of $3.22 billion, a P/E ratio of 22.29 and a beta of 1.37.

Hedge Funds Weigh In On Methanex

Several large investors have recently modified their holdings of MEOH. Dixon Mitchell Investment Counsel Inc. lifted its holdings in Methanex by 9.9% during the 3rd quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,182,168 shares of the specialty chemicals company's stock worth $49,022,000 after purchasing an additional 106,848 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of Methanex by 16.3% during the second quarter. Bank of Montreal Can now owns 1,136,436 shares of the specialty chemicals company's stock worth $55,406,000 after buying an additional 159,542 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Methanex by 3.4% in the second quarter. Dimensional Fund Advisors LP now owns 944,262 shares of the specialty chemicals company's stock valued at $45,570,000 after acquiring an additional 30,887 shares during the period. Mackenzie Financial Corp grew its stake in shares of Methanex by 3.4% in the second quarter. Mackenzie Financial Corp now owns 726,546 shares of the specialty chemicals company's stock valued at $35,082,000 after acquiring an additional 23,747 shares in the last quarter. Finally, Millennium Management LLC increased its position in Methanex by 13.0% during the second quarter. Millennium Management LLC now owns 508,730 shares of the specialty chemicals company's stock worth $24,551,000 after acquiring an additional 58,719 shares during the period. 73.49% of the stock is owned by institutional investors.

Methanex Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th were paid a dividend of $0.185 per share. The ex-dividend date was Tuesday, December 17th. This represents a $0.74 annualized dividend and a dividend yield of 1.55%. Methanex's dividend payout ratio is currently 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.