Royal Bank Of Canada Upgrades Methanex (TSE:MX) to Moderate Buy

Key Points

• The Royal Bank of Canada upgraded Methanex from a "hold" rating to a "moderate buy" rating, reflecting positive sentiment among analysts.
• Methanex has a consensus rating of "Buy" with a target price of C$46.50, indicating strong interest from various investment firms.
• Insider buying activity is noted, with Director Rich Sumner purchasing 1,479 shares at an average price of C$50.65, suggesting confidence in the company's prospects.

Methanex (TSE:MX - Get Free Report) NASDAQ: MEOH was upgraded by research analysts at Royal Bank Of Canada from a "hold" rating to a "moderate buy" rating in a note issued to investors on Friday,Zacks.com reports.

MX has been the topic of several other research reports. Raymond James Financial set a C$40.00 price objective on Methanex and gave the stock an "outperform" rating in a report on Friday, June 13th. Scotiabank set a C$53.00 price objective on Methanex and gave the stock an "outperform" rating in a report on Friday, June 13th. One equities research analyst has rated the stock with a hold rating, two have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of C$46.50.

Methanex Stock Performance

Shares of TSE MX opened at C$45.70 on Friday. The company has a debt-to-equity ratio of 148.53, a quick ratio of 1.59 and a current ratio of 1.34. The firm has a market cap of C$2.18 billion, a price-to-earnings ratio of 14.36, a P/E/G ratio of 0.44 and a beta of 1.79. The business's 50-day simple moving average is C$46.65 and its 200-day simple moving average is C$51.94. Methanex has a 52 week low of C$36.10 and a 52 week high of C$78.18.

Insiders Place Their Bets

In related news, Director Rich Sumner bought 1,479 shares of the business's stock in a transaction on Friday, June 20th. The shares were purchased at an average price of C$50.65 per share, with a total value of C$74,907.36. 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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