Methanex (TSE:MX) Reaches New 12-Month High – Time to Buy?

Methanex Co. (TSE:MX) (NASDAQ:MEOH)’s share price hit a new 52-week high on Monday . The company traded as high as C$74.00 and last traded at C$70.62, with a volume of 157678 shares traded. The stock had previously closed at C$68.82.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Scotiabank upped their target price on Methanex from C$48.00 to C$60.00 in a research report on Wednesday, January 21st. Canadian Imperial Bank of Commerce lowered Methanex from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 6th. Finally, Raymond James Financial cut Methanex from a “moderate buy” rating to a “hold” rating in a report on Wednesday, January 14th. One equities research 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of C$50.00.

Methanex Trading Down 2.6%

The company has a debt-to-equity ratio of 140.64, a current ratio of 2.09 and a quick ratio of 1.59. The firm has a fifty day simple moving average of C$63.95 and a 200-day simple moving average of C$55.96. The firm has a market cap of C$5.41 billion, a P/E ratio of 23.47, a price-to-earnings-growth ratio of 0.44 and a beta of 1.11.

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.