Methanex (TSE:MX) Stock Passes Above 200-Day Moving Average – What’s Next?

Methanex Co. (TSE:MX) (NASDAQ:MEOH)’s stock price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$47.58 and traded as high as C$55.61. Methanex shares last traded at C$54.97, with a volume of 195,901 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MX. Scotiabank set a C$53.00 price objective on shares of Methanex and gave the company an “outperform” rating in a research note on Friday, June 13th. Royal Bank Of Canada upgraded shares of Methanex from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 1st. Finally, Raymond James Financial set a C$40.00 price objective on shares of Methanex and gave the company an “outperform” rating in a research note on Friday, June 13th. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of C$46.50.

Methanex Trading Up 3.1%

The stock has a 50-day simple moving average of C$47.65 and a two-hundred day simple moving average of C$47.58. The company has a debt-to-equity ratio of 148.53, a quick ratio of 1.59 and a current ratio of 1.34. The firm has a market cap of C$4.25 billion, a PE ratio of 15.80, a price-to-earnings-growth ratio of 0.44 and a beta of 1.24.

Methanex Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.3%. Methanex’s dividend payout ratio is currently 21.26%.

Insider Activity

In other news, Director Rich Sumner purchased 1,479 shares of the business’s stock in a transaction on Friday, June 20th. The stock was acquired at an average cost of C$50.65 per share, for a total transaction of C$74,907.36. 0.35% of the stock is currently owned by corporate insiders.

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.