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

Methanex Co. (TSE:MX) (NASDAQ:MEOH)’s stock price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of C$71.77 and traded as high as C$76.14. Methanex shares last traded at C$75.57, with a volume of 336,577 shares trading hands.

Analyst Ratings Changes

Separately, Royal Bank Of Canada downgraded shares of Methanex from a “moderate buy” rating to a “hold” rating in a report on Wednesday, April 1st. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Methanex presently has an average rating of “Moderate Buy” and a consensus target price of C$60.00.

Methanex Price Performance

The stock has a market cap of C$5.85 billion, a price-to-earnings ratio of -103.52, a P/E/G ratio of 0.44 and a beta of 0.56. The company has a current ratio of 1.96, a quick ratio of 1.59 and a debt-to-equity ratio of 143.44. The company’s fifty day moving average is C$82.49 and its two-hundred day moving average is C$71.77.

Insider Activity at Methanex

In other Methanex news, insider Sunil Jagwani purchased 43,000 shares of the business’s stock in a transaction on Friday, May 22nd. The shares were bought at an average cost of C$82.62 per share, for a total transaction of C$3,552,660.00. Following the completion of the purchase, the insider directly owned 2,571,000 shares of the company’s stock, valued at approximately C$212,416,020. This trade represents a 1.70% increase in their ownership of the stock. Also, insider Sergio Almarza sold 4,500 shares of the business’s stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of C$86.06, for a total transaction of C$387,270.00. Following the sale, the insider owned 11,570 shares in the company, valued at C$995,714.20. This trade represents a 28.00% decrease in their ownership of the stock. In the last three months, insiders bought 278,000 shares of company stock worth $23,636,345 and sold 15,475 shares worth $1,347,470. 0.35% of the stock is currently owned by company insiders.

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.