Scotiabank Issues Optimistic Forecast for Methanex Earnings

Methanex Co. (TSE:MX) (NASDAQ:MEOH) – Investment analysts at Scotiabank raised their FY2024 earnings per share estimates for shares of Methanex in a report issued on Wednesday, January 8th. Scotiabank analyst B. Isaacson now forecasts that the company will post earnings per share of $5.11 for the year, up from their previous estimate of $3.51. The consensus estimate for Methanex’s current full-year earnings is $5.95 per share.

Separately, Cibc World Mkts upgraded shares of Methanex from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 10th.

Methanex Trading Down 1.6 %

TSE MX opened at C$68.86 on Friday. The business’s fifty day moving average is C$65.27 and its 200-day moving average is C$62.23. The company has a debt-to-equity ratio of 131.58, a current ratio of 1.25 and a quick ratio of 1.59. The stock has a market capitalization of C$4.64 billion, a price-to-earnings ratio of 23.66, a PEG ratio of 0.44 and a beta of 1.79. Methanex has a one year low of C$49.21 and a one year high of C$74.25.

Methanex (TSE:MX) (NASDAQ:MEOH) last posted its earnings results on Wednesday, November 6th. The company reported C$1.65 EPS for the quarter, topping the consensus estimate of C$0.60 by C$1.05. The firm had revenue of C$1.28 billion for the quarter, compared to analysts’ expectations of C$1.26 billion. Methanex had a net margin of 4.06% and a return on equity of 10.21%.

Insiders Place Their Bets

In related news, Senior Officer Priscilla Fuchslocher sold 7,720 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of C$65.39, for a total value of C$504,818.52. 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.