Scotiabank Has Strong Forecast for Methanex FY2024 Earnings

Methanex Co. (TSE:MX) (NASDAQ:MEOH) – Stock analysts at Scotiabank boosted their FY2024 earnings per share (EPS) estimates for Methanex in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst B. Isaacson now forecasts that the company will earn $5.11 per share for the year, up from their prior forecast of $3.51. The consensus estimate for Methanex’s current full-year earnings is $5.95 per share.

Methanex (TSE:MX) (NASDAQ:MEOH) last issued its quarterly earnings data 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. Methanex had a net margin of 4.06% and a return on equity of 10.21%. The business had revenue of C$1.28 billion during the quarter, compared to analyst estimates of C$1.26 billion.

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

Methanex Price Performance

MX stock opened at C$69.99 on Friday. The company has a debt-to-equity ratio of 131.58, a current ratio of 1.25 and a quick ratio of 1.59. Methanex has a 1 year low of C$49.21 and a 1 year high of C$74.25. The firm has a 50-day moving average of C$64.98 and a 200 day moving average of C$62.22. The company has a market cap of C$4.72 billion, a P/E ratio of 24.05, a PEG ratio of 0.44 and a beta of 1.79.

Insider Buying and Selling at Methanex

In other Methanex 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 transaction of C$504,818.52. 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.