Methanex (TSE:MX) Shares Down 2.6% – Here’s Why

Methanex Co. (TSE:MX) (NASDAQ:MEOH) shares traded down 2.6% on Tuesday . The company traded as low as C$84.25 and last traded at C$84.74. 72,000 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 337,295 shares. The stock had previously closed at C$87.00.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Scotiabank upped their price objective on shares of Methanex from C$48.00 to C$60.00 in a research note on Wednesday, January 21st. Raymond James Financial lowered shares of Methanex from a “moderate buy” rating to a “hold” rating in a report on Wednesday, January 14th. Finally, Canadian Imperial Bank of Commerce downgraded shares of Methanex from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of C$50.00.

Methanex Stock Down 3.3%

The firm has a market cap of C$6.51 billion, a PE ratio of 28.24, a P/E/G ratio of 0.44 and a beta of 1.06. The company has a debt-to-equity ratio of 143.59, a current ratio of 2.06 and a quick ratio of 1.59. The business has a fifty day moving average price of C$70.05 and a two-hundred day moving average price of C$59.44.

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

Insider Activity

In other news, insider Mark Allard sold 2,000 shares of the stock in a transaction that occurred on 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 directly owned 16,604 shares of the company’s stock, valued at C$1,427,944. This represents a 10.75% decrease in their ownership of the stock. 0.35% of the stock is owned by company insiders.

Methanex Company Profile

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.