Methanex (TSE:MX) Stock Price Passes Above 200 Day Moving Average - What's Next?

Key Points

• Methanex's stock price has crossed above its 200-day moving average, reaching a high of C$55.61, and last traded at C$54.97 with a volume of 195,901 shares.
• A range of analyst ratings and price targets have been set for Methanex, with prices ranging from C$40.00 to C$53.00, indicating a generally positive outlook with an average target of C$46.50.
• The company announced a quarterly dividend of $0.185 per share, which will pay out to shareholders on September 30th, resulting in an annual yield of approximately 1.3%.

Methanex Co. (TSE:MX - Get Free Report) NASDAQ: MEOH's share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$47.58 and traded as high as C$55.61. Methanex shares last traded at C$54.97, with a volume of 195,901 shares changing hands.

Wall Street Analyst Weigh In

MX has been the topic of a number of recent analyst reports. Raymond James Financial set a C$40.00 target price on Methanex and gave the company an "outperform" rating in a research report on Friday, June 13th. Scotiabank set a C$53.00 price target on shares of Methanex and gave the stock an "outperform" rating in a research report on Friday, June 13th. Finally, Royal Bank Of Canada raised Methanex from a "hold" rating to a "moderate buy" rating in a report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of C$46.50.

Methanex Price Performance

The company has a debt-to-equity ratio of 148.53, a current ratio of 1.34 and a quick ratio of 1.59. The company has a fifty day moving average price of C$47.96 and a 200 day moving average price of C$47.24. The company has a market capitalization of C$4.22 billion, a P/E ratio of 15.69, a price-to-earnings-growth ratio of 0.44 and a beta of 1.24.

Methanex Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a yield of 1.4%. Methanex's payout ratio is 21.26%.

Insider Activity

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

About Methanex

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.