Methanex (TSE:MX) Stock Price Passes Above 200-Day Moving Average – Here’s What Happened

Shares of Methanex Co. (TSE:MX) (NASDAQ:MEOH) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of C$77.32 and traded as high as C$83.59. Methanex shares last traded at C$81.56, with a volume of 156,813 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MX. Canadian Imperial Bank of Commerce upgraded shares of Methanex from a “hold” rating to a “strong-buy” rating in a report on Monday, July 20th. National Bank Financial upgraded 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 assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of C$60.00.

Methanex Price Performance

The company has a current ratio of 2.07, a quick ratio of 1.59 and a debt-to-equity ratio of 122.11. The stock has a market cap of C$6.50 billion, a price-to-earnings ratio of 95.43, a PEG ratio of 0.44 and a beta of 0.62. The stock has a 50-day moving average price of C$74.96 and a two-hundred day moving average price of C$77.43.

Methanex (TSE:MX) (NASDAQ:MEOH) last announced its earnings results on Tuesday, July 28th. The company reported C$5.50 earnings per share (EPS) for the quarter. Methanex had a return on equity of 3.50% and a net margin of 2.05%.The company had revenue of C$1.98 billion for the quarter. As a group, equities research analysts forecast that Methanex Co. will post 5.9482927 EPS for the current year.

Insider Activity

In related news, Director Alejandro Larrive sold 2,000 shares of the stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of C$83.92, for a total value of C$167,840.00. Following the completion of the transaction, the director directly owned 10,009 shares of the company’s stock, valued at C$839,955.28. This trade represents a 16.65% decrease in their position. 0.35% of the stock is currently owned by company 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.