Methanex (TSE:MX) Hits New 52-Week High – Here’s What Happened

Methanex Co. (TSE:MX) (NASDAQ:MEOH) shares reached a new 52-week high during mid-day trading on Friday. The company traded as high as C$92.15 and last traded at C$92.17, with a volume of 87,940 shares. The stock had previously closed at C$90.25.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Canadian Imperial Bank of Commerce raised shares of Methanex from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 20th. National Bank Financial raised Methanex to a “strong-buy” rating in a report on Monday, July 13th. Two investment analysts have rated the stock with a Strong Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Methanex has a consensus rating of “Buy” and a consensus price target of C$60.00.

Methanex Trading Up 2.1%

The company has a debt-to-equity ratio of 122.11, a current ratio of 2.07 and a quick ratio of 1.59. The stock’s 50-day moving average is C$83.14 and its two-hundred day moving average is C$80.51. The company has a market cap of C$7.13 billion, a P/E ratio of 104.74, a P/E/G ratio of 0.44 and a beta of 0.66.

Methanex (TSE:MX) (NASDAQ:MEOH) last released its quarterly earnings results on Tuesday, July 28th. The company reported C$5.50 earnings per share for the quarter. The firm had revenue of C$1.98 billion for the quarter. Methanex had a return on equity of 3.50% and a net margin of 2.05%. As a group, equities research analysts predict that Methanex Co. will post 5.95 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Alejandro Larrive sold 2,000 shares of Methanex stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of C$88.03, for a total transaction of C$176,060.00. Following the transaction, the director directly owned 8,009 shares in the company, valued at approximately C$705,032.27. The trade was a 19.98% decrease in their ownership of the stock. Corporate insiders own 0.35% of the company’s stock.

About Methanex

Methanex is a Vancouver-based, publicly traded company and is the world’s largest supplier of methanol globally. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol ‘MX’ and on the Nasdaq Global Select Market in the United States under the trading symbol ‘MEOH’. Methanex can be visited online at www.methanex.com.