Methanex (TSE:MX) Upgraded at Canadian Imperial Bank of Commerce

Key Points

• Canadian Imperial Bank of Commerce upgraded Methanex from “hold” to “strong-buy”, adding to a mixed but generally positive analyst picture. The stock now has a consensus rating of Buy and a target price of C$60.00.
• Methanex shares opened at C$76.95, near both its 50-day and 200-day moving averages, and the company carries a market cap of about C$5.95 billion. Its recent trading range has been wide, with a 52-week low of C$44.57 and a high of C$92.97.
• The company recently reported C$0.42 EPS on C$1.35 billion in revenue, while analysts expect about 5.95 EPS for the current fiscal year. Insider activity was mixed, with one executive buying shares and another selling a larger stake.

Methanex (TSE:MX - Get Free Report) NASDAQ: MEOH was upgraded by equities research analysts at Canadian Imperial Bank of Commerce from a "hold" rating to a "strong-buy" rating in a report issued on Monday,Zacks.com reports.

A number of other research analysts also recently commented on the company. National Bank Financial upgraded Methanex to a "strong-buy" rating in a research note on Monday, July 13th. Royal Bank Of Canada cut Methanex from a "moderate buy" rating to a "hold" rating in a research note on Wednesday, April 1st. Two research analysts have rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of C$60.00.

Methanex Stock Performance

MX stock opened at C$76.95 on Monday. The firm has a 50 day simple moving average of C$77.34 and a 200 day simple moving average of C$74.30. Methanex has a 52 week low of C$44.57 and a 52 week high of C$92.97. The stock has a market cap of C$5.95 billion, a P/E ratio of -105.41, a P/E/G ratio of 0.44 and a beta of 0.63. The company has a debt-to-equity ratio of 143.44, a quick ratio of 1.59 and a current ratio of 1.96.

Methanex (TSE:MX - Get Free Report) NASDAQ: MEOH last released its earnings results on Wednesday, April 29th. The company reported C$0.42 earnings per share (EPS) for the quarter. Methanex had a negative net margin of 1.26% and a negative return on equity of 1.84%. The company had revenue of C$1.35 billion during the quarter. Research analysts anticipate that Methanex will post 5.9482927 earnings per share for the current fiscal year.

Insider Buying and Selling at Methanex

In related news, insider Sunil Jagwani acquired 745 shares of the company's stock in a transaction dated Friday, May 29th. The shares were bought at an average price of C$82.36 per share, for a total transaction of C$61,358.20. Following the acquisition, the insider owned 2,600,200 shares in the company, valued at C$214,152,472. This trade represents a 0.03% increase in their position. Also, insider Kyung Wan (Fred) Lee sold 7,975 shares of the company's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of C$88.02, for a total transaction of C$701,959.50. Following the transaction, the insider directly owned 5,025 shares of the company's stock, valued at C$442,300.50. This represents a 61.35% decrease in their position. In the last ninety days, insiders purchased 278,000 shares of company stock valued at $23,636,345 and sold 13,475 shares valued at $1,175,470. 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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