Methanex (TSE:MX) Stock Price Passes Above Two Hundred Day Moving Average – Here’s Why

Methanex Co. (TSE:MX) (NASDAQ:MEOH) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$70.70 and traded as high as C$85.84. Methanex shares last traded at C$82.25, with a volume of 364,859 shares trading hands.

Analyst Ratings Changes

Separately, Royal Bank Of Canada cut Methanex from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, April 1st. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Methanex has a consensus rating of “Moderate Buy” and a consensus price target of C$60.00.

Methanex Price Performance

The stock has a 50-day moving average price of C$83.29 and a 200 day moving average price of C$70.79. The company has a debt-to-equity ratio of 143.44, a current ratio of 1.96 and a quick ratio of 1.59. The firm has a market cap of C$6.43 billion, a price-to-earnings ratio of -113.85, a PEG ratio of 0.44 and a beta of 0.56.

Insider Transactions at Methanex

In related news, insider Sunil Jagwani purchased 745 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were purchased at an average price of C$82.36 per share, with a total value of C$61,358.20. Following the completion of the acquisition, the insider directly owned 2,600,200 shares in the company, valued at C$214,152,472. This represents a 0.03% increase in their position. Also, insider Sergio Almarza sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of C$86.24, for a total value of C$86,240.00. Following the transaction, the insider directly owned 16,070 shares in the company, valued at approximately C$1,385,876.80. This represents a 5.86% decrease in their position. Over the last 90 days, insiders have bought 278,000 shares of company stock worth $23,636,345 and have sold 15,475 shares worth $1,347,470. Insiders own 0.35% of the company’s stock.

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.