Methanex (TSE:MX) Shares Down 8.7% – Time to Sell?

Methanex Co. (TSE:MX) (NASDAQ:MEOH)’s stock price dropped 8.7% during mid-day trading on Friday . The company traded as low as C$72.53 and last traded at C$73.00. Approximately 110,547 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 347,274 shares. The stock had previously closed at C$79.94.

Wall Street Analyst Weigh In

Several analysts have recently commented on MX shares. 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. Scotiabank upped their price objective on shares of Methanex from C$48.00 to C$60.00 in a report 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, Royal Bank Of Canada lowered shares of Methanex from a “moderate buy” rating to a “hold” rating in a report on Wednesday, April 1st. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of C$50.00.

Methanex Stock Down 6.5%

The company has a quick ratio of 1.59, a current ratio of 2.06 and a debt-to-equity ratio of 143.59. The stock has a 50 day simple moving average of C$74.42 and a 200 day simple moving average of C$61.92. The stock has a market cap of C$5.78 billion, a price-to-earnings ratio of 80.38, a PEG ratio of 0.44 and a beta of 0.46.

Methanex (TSE:MX) (NASDAQ:MEOH) last released its quarterly earnings data on Thursday, March 5th. The company reported C($0.19) earnings per share 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 for the quarter. As a group, analysts expect that Methanex Co. will post 5.9482927 earnings per share for the current fiscal year.

Insider Transactions at Methanex

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

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.