Methanex (TSE:MX) Sets New 52-Week High – Here’s Why

Methanex Co. (TSE:MX) (NASDAQ:MEOH) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as C$80.67 and last traded at C$80.67, with a volume of 307965 shares trading hands. The stock had previously closed at C$74.00.

Wall Street Analysts Forecast Growth

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

Methanex Stock Performance

The stock’s 50-day moving average price is C$68.08 and its 200 day moving average price is C$58.37. 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 company has a market cap of C$6.25 billion, a P/E ratio of 27.10, a price-to-earnings-growth ratio of 0.44 and a beta of 1.06.

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