Methanex (TSE:MX) Trading 3.3% Higher – Here’s Why

Shares of Methanex Co. (TSE:MX) (NASDAQ:MEOH) shot up 3.3% during trading on Tuesday . The stock traded as high as C$89.13 and last traded at C$88.51. 170,267 shares were traded during trading, a decline of 51% from the average session volume of 346,854 shares. The stock had previously closed at C$85.65.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on MX. Raymond James Financial downgraded shares of Methanex from a “moderate buy” rating to a “hold” rating in a report on Wednesday, January 14th. Canadian Imperial Bank of Commerce downgraded shares of Methanex from a “strong-buy” rating to a “hold” rating in a report on Friday, February 6th. Scotiabank lifted their price objective on shares of Methanex from C$48.00 to C$60.00 in a report on Wednesday, January 21st. Finally, Royal Bank Of Canada downgraded shares of Methanex from a “moderate buy” rating to a “hold” rating in a report on Wednesday, April 1st. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Methanex has a consensus rating of “Moderate Buy” and an average target price of C$50.00.

Methanex Stock Performance

The firm has a market capitalization of C$6.23 billion, a price-to-earnings ratio of 86.62, a P/E/G ratio of 0.44 and a beta of 0.46. The stock’s fifty day moving average is C$72.73 and its two-hundred day moving average is C$60.88. The company has a quick ratio of 1.59, a current ratio of 2.06 and a debt-to-equity ratio of 143.59.

Methanex (TSE:MX) (NASDAQ:MEOH) last issued its earnings results on Thursday, March 5th. The company reported C($0.19) earnings per share for the quarter. The firm had revenue of C$1.28 billion for the quarter. Methanex had a return on equity of 3.18% and a net margin of 2.19%. On average, analysts predict that Methanex Co. will post 5.9482927 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Mark Allard sold 2,000 shares of the business’s stock in a transaction dated Friday, March 27th. The shares were sold at an average price of C$86.00, for a total value of C$172,000.00. Following the completion of the sale, the insider owned 16,604 shares of the company’s stock, valued at approximately C$1,427,944. The trade was a 10.75% decrease in their ownership of the stock. 0.35% of the stock is currently owned by company insiders.

About Methanex

Methanex Corp manufactures and sells methanol. Methanex’s customers use methanol as a feedstock to produce end-products including adhesives, foams, solvents, and windshield washer fluids. The firm also sells its products to the oil refining industry, where the methanol is blended with gasoline to produce a high-octane fuel or blended as a component of biodiesel. Methanex distributes its products through a global supply chain that includes the operation of port terminals, tankers, barges, rail cars, trucks, and pipelines.