Methanex (TSE:MX) Raised to Strong-Buy at Canadian Imperial Bank of Commerce

Methanex (TSE:MX) (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 released on Monday,Zacks.com reports.

MX has been the topic of a number of other research reports. National Bank Financial upgraded shares of Methanex to a “strong-buy” rating in a research note on Monday, July 13th. Royal Bank Of Canada lowered shares of 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 given a Hold rating to the company’s stock. According to data from MarketBeat.com, Methanex has a consensus rating of “Buy” and an average price target of C$60.00.

Methanex Stock Up 1.0%

MX stock opened at C$77.73 on Monday. Methanex has a twelve month low of C$44.57 and a twelve month high of C$92.97. The company has a quick ratio of 1.59, a current ratio of 1.96 and a debt-to-equity ratio of 143.44. The firm has a market cap of C$6.01 billion, a PE ratio of -106.48, a price-to-earnings-growth ratio of 0.44 and a beta of 0.63. The business has a 50 day moving average of C$77.13 and a 200 day moving average of C$74.46.

Methanex (TSE:MX) (NASDAQ:MEOH) last released its earnings results on Wednesday, April 29th. The company reported C$0.42 EPS for the quarter. Methanex had a negative return on equity of 1.84% and a negative net margin of 1.26%.The business had revenue of C$1.35 billion for the quarter. On average, research analysts forecast that Methanex will post 5.9482927 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Kyung Wan (Fred) Lee sold 7,975 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of C$88.02, for a total value of C$701,959.50. Following the transaction, the insider directly owned 5,025 shares in the company, valued at C$442,300.50. This trade represents a 61.35% decrease in their position. Also, insider Sunil Jagwani bought 745 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were bought at an average cost of C$82.36 per share, with a total value of C$61,358.20. Following the completion of the purchase, the insider directly owned 2,600,200 shares of the company’s stock, valued at C$214,152,472. This represents a 0.03% increase in their position. In the last quarter, insiders purchased 278,000 shares of company stock valued at $23,636,345 and sold 13,475 shares valued at $1,175,470. 0.35% of the stock is currently owned by insiders.

Methanex Company Profile

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.