Raymond James Brokers Raise Earnings Estimates for Methanex

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

Several other research analysts have also weighed in on MEOH. Piper Sandler upped their price objective on shares of Methanex from $51.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. UBS Group dropped their price target on shares of Methanex from $58.00 to $54.00 and set a “buy” rating on the stock in a research note on Monday, September 16th. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 price objective on shares of Methanex in a report on Tuesday, September 3rd. Barclays downgraded Methanex from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $56.00 to $44.00 in a research note on Tuesday, September 10th. Finally, Scotiabank raised their price target on Methanex from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 10th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $55.38.

Methanex Price Performance

Shares of MEOH opened at $40.56 on Friday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.25 and a quick ratio of 0.87. The company has a market capitalization of $2.73 billion, a price-to-earnings ratio of 18.87 and a beta of 1.35. The business’s 50-day moving average is $42.11 and its 200-day moving average is $46.57. Methanex has a fifty-two week low of $36.13 and a fifty-two week high of $56.43.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets acquired a new stake in Methanex in the 1st quarter worth approximately $494,000. Duality Advisers LP bought a new position in shares of Methanex in the first quarter valued at approximately $779,000. M&G Plc acquired a new stake in shares of Methanex in the first quarter worth $589,459,000. Swiss National Bank boosted its holdings in shares of Methanex by 0.6% during the 1st 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. Finally, Headlands Technologies LLC grew its stake in Methanex by 346.5% in the 1st quarter. Headlands Technologies LLC now owns 902 shares of the specialty chemicals company’s stock valued at $40,000 after buying an additional 700 shares during the last quarter. Institutional investors and hedge funds own 73.49% of the company’s stock.

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.