Methanex (TSE:MX) Share Price Passes Above 200-Day Moving Average - Here's What Happened

Key Points

• Methanex shares have surpassed their 200-day moving average, currently trading at C$48.69, which indicates positive momentum in the stock's performance.
• Equities analysts have a generally favorable outlook on the stock, with target prices ranging from C$40.00 to C$53.00, reflecting a consensus average rating of "Buy."
• The company has announced a dividend cut, declaring a quarterly dividend of $0.185, translating to an annual yield of 1.5%, which is significantly lower than previous payouts.

Methanex Co. (TSE:MX - Get Free Report) NASDAQ: MEOH shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$48.04 and traded as high as C$49.10. Methanex shares last traded at C$48.69, with a volume of 154,182 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on MX shares. Scotiabank set a C$53.00 target price on Methanex and gave the company an "outperform" rating in a research note on Friday, June 13th. Royal Bank Of Canada raised Methanex from a "hold" rating to a "moderate buy" rating in a research report on Friday, August 1st. Finally, Raymond James Financial set a C$40.00 target price on Methanex and gave the stock an "outperform" rating in a research report on Friday, June 13th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of C$46.50.

Methanex Stock Down 0.1%

The company has a quick ratio of 1.59, a current ratio of 1.34 and a debt-to-equity ratio of 148.53. The company has a fifty day moving average price of C$46.80 and a 200-day moving average price of C$48.04. The stock has a market capitalization of C$3.77 billion, a P/E ratio of 13.99, a PEG ratio of 0.44 and a beta of 1.22.

Methanex Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a $0.185 dividend. This represents a $0.74 annualized dividend and a dividend yield of 1.5%. Methanex's dividend payout ratio (DPR) is 21.26%.

Insider Buying and Selling

In related news, Director Rich Sumner purchased 1,479 shares of the company's stock in a transaction that occurred on Friday, June 20th. The stock was bought at an average price of C$50.65 per share, for a total transaction of C$74,907.36. Corporate insiders own 0.35% of the company's stock.

About Methanex

Methanex Corporation produces and supplies methanol in China, Europe, the United States, South America, South Korea, Canada, and Asia. The company also purchases methanol produced by others under methanol offtake contracts and on the spot market. In addition, it owns and leases storage and terminal facilities.

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