Methanex (TSE:MX) Reaches New 52-Week High – Here’s Why

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

Analysts Set New Price Targets

MX has been the topic of a number of research reports. National Bank Financial upgraded shares of Methanex to a “strong-buy” rating in a report on Monday, July 13th. Canadian Imperial Bank of Commerce upgraded Methanex from a “hold” rating to a “strong-buy” rating in a report on Monday, July 20th. Two research analysts have rated the stock with a Strong Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of C$60.00.

Methanex Trading Up 2.1%

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 capitalization of C$7.13 billion, a PE ratio of 104.74, a price-to-earnings-growth ratio of 0.44 and a beta of 0.66. The company has a quick ratio of 1.59, a current ratio of 2.07 and a debt-to-equity ratio of 122.11.

Methanex (TSE:MX) (NASDAQ:MEOH) last issued its quarterly earnings data on Tuesday, July 28th. The company reported C$5.50 EPS for the quarter. Methanex had a net margin of 2.05% and a return on equity of 3.50%. The company had revenue of C$1.98 billion during the quarter. As a group, sell-side analysts predict that Methanex Co. will post 5.95 EPS for the current fiscal year.

Insider Buying and Selling

In other Methanex news, Director Alejandro Larrive sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of C$88.03, for a total value of C$176,060.00. Following the completion of the sale, the director directly owned 8,009 shares in the company, valued at C$705,032.27. This trade represents a 19.98% decrease in their ownership of the stock. 0.35% of the stock is owned by 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.