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

Shares of Methanex Co. (TSE:MX) (NASDAQ:MEOH) hit a new 52-week high on Thursday . The stock traded as high as C$79.81 and last traded at C$79.76, with a volume of 356597 shares. The stock had previously closed at C$72.60.

Analysts Set New Price Targets

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

Methanex Stock Performance

The stock has a 50 day simple moving average of C$66.79 and a 200 day simple moving average of C$57.24. 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$5.49 billion, a price-to-earnings ratio of 23.84, a PEG ratio of 0.44 and a beta of 1.06.

Methanex (TSE:MX) (NASDAQ:MEOH) last posted its earnings results on Thursday, March 5th. The company reported C($0.19) earnings per share (EPS) for the quarter. The company 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%. As a group, analysts predict 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.