Methanex (TSE:MX) Shares Cross Above 200-Day Moving Average – Here’s Why

Methanex Co. (TSE:MX) (NASDAQ:MEOH)’s share price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$76.09 and traded as high as C$76.80. Methanex shares last traded at C$75.52, with a volume of 153,763 shares traded.

Analyst Ratings Changes

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 shares of Methanex to a “strong-buy” rating in a research note on Monday, July 13th. Two 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.com, the stock presently has an average rating of “Buy” and a consensus target price of C$60.00.

Methanex Stock Up 3.1%

The firm has a market cap of C$6.02 billion, a P/E ratio of 88.48, a PEG ratio of 0.44 and a beta of 0.62. The company’s 50 day simple moving average is C$74.45 and its 200-day simple moving average is C$76.10. The company has a current ratio of 2.07, a quick ratio of 1.59 and a debt-to-equity ratio of 122.11.

Methanex (TSE:MX) (NASDAQ:MEOH) last posted its earnings results on Wednesday, April 29th. The company reported C$0.42 EPS for the quarter. The business had revenue of C$1.35 billion during the quarter. Methanex had a net margin of 2.05% and a return on equity of 3.50%. Research analysts forecast that Methanex Co. will post 5.9482927 earnings per share for the current fiscal year.

Insider Transactions at Methanex

In other news, insider Kyung Wan (Fred) Lee sold 7,975 shares of Methanex stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of C$88.02, for a total transaction of C$701,959.50. Following the transaction, the insider owned 5,025 shares in the company, valued at C$442,300.50. This trade represents a 61.35% decrease in their position. Also, insider Sunil Jagwani purchased 43,000 shares of the business’s stock in a transaction on Friday, May 22nd. The shares were bought at an average cost of C$82.62 per share, with a total value of C$3,552,660.00. Following the acquisition, the insider directly owned 2,571,000 shares of the company’s stock, valued at C$212,416,020. This trade represents a 1.70% increase in their position. In the last three months, insiders acquired 93,000 shares of company stock worth $7,659,103. 0.35% of the stock is owned by corporate insiders.

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.