Methanex (TSE:MX) Shares Down 9.8% – Here’s Why

Shares of Methanex Co. (TSE:MX) (NASDAQ:MEOH) dropped 9.8% during mid-day trading on Friday . The stock traded as low as C$69.95 and last traded at C$70.33. Approximately 356,247 shares traded hands during trading, an increase of 50% from the average daily volume of 236,774 shares. The stock had previously closed at C$78.00.

Wall Street Analyst Weigh In

A number of research firms recently commented on MX. Canadian Imperial Bank of Commerce cut shares of Methanex from a “strong-buy” rating to a “hold” rating in a report on Friday, February 6th. Scotiabank increased their price objective on Methanex from C$48.00 to C$60.00 in a report on Wednesday, January 21st. Finally, Raymond James Financial downgraded Methanex from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Methanex currently has a consensus rating of “Moderate Buy” and a consensus price target of C$50.00.

Methanex Price Performance

The stock has a market cap of C$5.22 billion, a P/E ratio of 22.66, a price-to-earnings-growth ratio of 0.44 and a beta of 1.06. 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 business’s 50-day simple moving average is C$65.02 and its two-hundred day simple moving average is C$56.44.

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

Methanex Company Profile

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.