$969.50 Million in Sales Expected for Methanex Co. (NASDAQ:MEOH) This Quarter

Analysts predict that Methanex Co. (NASDAQ:MEOH) (TSE:MX) will announce $969.50 million in sales for the current quarter, Zacks reports. Two analysts have provided estimates for Methanex’s earnings. The highest sales estimate is $970.00 million and the lowest is $969.00 million. Methanex posted sales of $581.00 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 66.9%. The business is scheduled to announce its next quarterly earnings report after the market closes on Wednesday, October 27th.

According to Zacks, analysts expect that Methanex will report full-year sales of $3.92 billion for the current fiscal year, with estimates ranging from $3.71 billion to $4.08 billion. For the next fiscal year, analysts forecast that the firm will post sales of $3.65 billion, with estimates ranging from $3.10 billion to $4.21 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Methanex.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings results on Tuesday, July 27th. The specialty chemicals company reported $1.24 EPS for the quarter, topping the Zacks’ consensus estimate of $1.15 by $0.09. Methanex had a return on equity of 7.03% and a net margin of 2.78%. The company had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $990.00 million.

Several analysts have recently issued reports on MEOH shares. Piper Sandler started coverage on Methanex in a report on Monday. They set a “neutral” rating and a $44.00 price objective on the stock. Tudor Pickering & Holt upped their price objective on Methanex from $38.00 to $40.00 and gave the stock a “hold” rating in a report on Wednesday, September 1st. Royal Bank of Canada raised Methanex from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $45.00 to $50.00 in a report on Tuesday, June 1st. Barclays raised Methanex from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $39.00 to $53.00 in a report on Tuesday, September 7th. Finally, Tudor Pickering upped their price objective on Methanex from $38.00 to $40.00 and gave the stock a “hold” rating in a report on Wednesday, September 1st. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $45.38.

NASDAQ MEOH opened at $38.91 on Wednesday. The stock’s 50 day moving average is $34.41 and its 200 day moving average is $36.21. The company has a current ratio of 2.05, a quick ratio of 1.58 and a debt-to-equity ratio of 1.25. Methanex has a 12 month low of $21.73 and a 12 month high of $49.27. The stock has a market cap of $2.97 billion, a PE ratio of 38.91 and a beta of 2.26.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 30th. Shareholders of record on Thursday, September 16th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 1.29%. The ex-dividend date is Wednesday, September 15th. This is an increase from Methanex’s previous quarterly dividend of $0.04. Methanex’s dividend payout ratio is -9.26%.

A number of institutional investors have recently made changes to their positions in MEOH. Eaton Vance Management bought a new position in Methanex in the 1st quarter valued at $31,000. Citigroup Inc. grew its position in Methanex by 30,080.0% in the 1st quarter. Citigroup Inc. now owns 1,509 shares of the specialty chemicals company’s stock valued at $56,000 after acquiring an additional 1,504 shares during the last quarter. Amundi bought a new position in Methanex in the 2nd quarter valued at $139,000. Acadian Asset Management LLC grew its position in Methanex by 527.1% in the 1st quarter. Acadian Asset Management LLC now owns 5,600 shares of the specialty chemicals company’s stock valued at $207,000 after acquiring an additional 4,707 shares during the last quarter. Finally, Exencial Wealth Advisors LLC bought a new position in Methanex in the 1st quarter valued at $212,000. 64.12% of the stock is currently owned by institutional investors.

About Methanex

Methanex Corp. engages in the production and supply of methanol. The firm supplies in the international market such as North America, Asia Pacific, Europe, and South America. It also operates the methanol ocean tanker fleet. The company was founded on March 11, 1968 and is headquartered in Vancouver, Canada.

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