Methanex (TSE:MX) Trading Up 5% – Here’s What Happened

Methanex Co. (TSE:MX) (NASDAQ:MEOH)’s share price shot up 5% during mid-day trading on Thursday . The company traded as high as C$77.00 and last traded at C$76.23. 109,963 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 284,389 shares. The stock had previously closed at C$72.62.

Analyst Upgrades and Downgrades

MX has been the topic of a number of recent analyst reports. Scotiabank increased their price objective on shares of Methanex from C$48.00 to C$60.00 in a research report on Wednesday, January 21st. Raymond James Financial cut shares of Methanex from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, January 14th. Finally, Canadian Imperial Bank of Commerce lowered Methanex from a “strong-buy” rating to a “hold” rating in a report on Friday, February 6th. One investment 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 company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of C$50.00.

Methanex Stock Performance

The firm has a 50 day moving average of C$67.39 and a two-hundred day moving average of C$57.74. 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 stock has a market cap of C$5.88 billion, a PE ratio of 25.52, a PEG ratio of 0.44 and a beta of 1.06.

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

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.