Raymond James Has Positive Outlook for Methanex Q3 Earnings

Methanex Co. (TSE:MX) (NASDAQ:MEOH) – Investment analysts at Raymond James raised their Q3 2024 earnings estimates for Methanex in a research report issued on Tuesday, October 22nd. Raymond James analyst S. Hansen now expects that the company will earn $0.92 per share for the quarter, up from their prior forecast of $0.71. The consensus estimate for Methanex’s current full-year earnings is $5.95 per share. Raymond James also issued estimates for Methanex’s Q4 2024 earnings at $1.95 EPS and FY2024 earnings at $4.48 EPS.

Methanex (TSE:MX) (NASDAQ:MEOH) last issued its earnings results on Tuesday, July 30th. The company reported C$0.85 EPS for the quarter, beating the consensus estimate of C$0.66 by C$0.19. The business had revenue of C$1.26 billion for the quarter, compared to the consensus estimate of C$1.35 billion. Methanex had a return on equity of 10.21% and a net margin of 4.06%.

A number of other brokerages also recently issued reports on MX. Tudor Pickering raised shares of Methanex to a “strong-buy” rating in a report on Wednesday, September 11th. Barclays lowered shares of Methanex from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 10th. Finally, Piper Sandler upgraded Methanex from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th.

Methanex Trading Up 0.7 %

Methanex stock opened at C$56.32 on Friday. Methanex has a one year low of C$49.21 and a one year high of C$74.25. The business’s fifty day moving average is C$57.51 and its 200 day moving average is C$63.80. The stock has a market capitalization of C$3.80 billion, a PE ratio of 19.35, a price-to-earnings-growth ratio of 0.44 and a beta of 1.79. The company has a debt-to-equity ratio of 131.58, a current ratio of 1.25 and a quick ratio of 1.59.

Insider Transactions at Methanex

In other Methanex news, Director Dean Richardson bought 1,500 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was bought at an average cost of C$50.52 per share, for a total transaction of C$75,780.00. In related news, Senior Officer Kevin Price purchased 500 shares of Methanex stock in a transaction on Thursday, September 12th. The stock was acquired at an average price of C$50.69 per share, for a total transaction of C$25,347.00. Also, Director Dean Richardson acquired 1,500 shares of the stock in a transaction dated Thursday, September 12th. The shares were bought at an average cost of C$50.52 per share, for a total transaction of C$75,780.00. Insiders have acquired 4,953 shares of company stock worth $262,064 in the last quarter. Company insiders own 0.35% 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.