Methanex (TSE:MX) Stock Price Up 3.3% - Should You Buy?

Key Points

• Methanex shares rose 3.3% to C$88.51 (intraday high C$89.13) on Tuesday while trading volume was about 51% below its daily average, and the stock sits above its 50-day (C$71.82) and 200-day (C$60.46) moving averages.
• Multiple analysts have cut ratings from buy to hold, leaving a consensus of "Moderate Buy" and an average price target of C$50, which is materially below the current share price.
• Fundamentals include a high P/E of 95.18, recent quarterly EPS of C($0.19) on C$1.28B revenue, a debt-to-equity ratio of 143.59, and a recent insider sale; corporate insiders own 0.35% of the stock.

Methanex Co. (TSE:MX - Get Free Report) NASDAQ: MEOH's share price rose 3.3% on Tuesday . The company traded as high as C$89.13 and last traded at C$88.51. Approximately 170,267 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 346,854 shares. The stock had previously closed at C$85.65.

Analysts Set New Price Targets

MX has been the subject of a number of analyst reports. Canadian Imperial Bank of Commerce cut shares of Methanex from a "strong-buy" rating to a "hold" rating in a research note on Friday, February 6th. Raymond James Financial cut shares of Methanex from a "moderate buy" rating to a "hold" rating in a research note on Wednesday, January 14th. Royal Bank Of Canada cut shares of Methanex from a "moderate buy" rating to a "hold" rating in a research note on Wednesday, April 1st. Finally, Scotiabank increased their price target on shares of Methanex from C$48.00 to C$60.00 in a report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of C$50.00.

Methanex Stock Performance

The firm's fifty day moving average price is C$71.82 and its 200-day moving average price is C$60.46. The company has a current ratio of 2.06, a quick ratio of 1.59 and a debt-to-equity ratio of 143.59. The company has a market cap of C$6.85 billion, a P/E ratio of 95.18, a P/E/G ratio of 0.44 and a beta of 0.46.

Methanex (TSE:MX - Get Free Report) 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 company had revenue of C$1.28 billion for the quarter. As a group, research analysts forecast that Methanex Co. will post 5.9482927 EPS for the current fiscal year.

Insider Activity

In other news, insider Mark Allard sold 2,000 shares of the stock in a transaction on Friday, March 27th. The shares were sold at an average price of C$86.00, for a total value of C$172,000.00. Following the completion of the transaction, the insider owned 16,604 shares in the company, valued at approximately C$1,427,944. This represents a 10.75% decrease in their position. Corporate 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. Methanex distributes its products through a global supply chain that includes the operation of port terminals, tankers, barges, rail cars, trucks, and pipelines.

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