Methanex (MX) Hits New 52-Week High at $77.00

Shares of Methanex Co. (TSE:MX) (NASDAQ:MEOH) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$77.00 and last traded at C$75.59, with a volume of 161769 shares. The stock had previously closed at C$75.13.

Several analysts recently issued reports on MX shares. Royal Bank of Canada raised their target price on Methanex to C$73.00 and gave the stock a “sector perform” rating in a research note on Friday, October 27th. Raymond James Financial cut Methanex from an “outperform” rating to a “market perform” rating and set a C$77.00 target price on the stock. in a research note on Tuesday, October 31st. TD Securities raised their target price on Methanex to C$85.00 and gave the stock a “buy” rating in a research note on Tuesday, December 19th. BMO Capital Markets reissued an “outperform” rating and issued a C$57.00 target price on shares of Methanex in a research note on Monday, September 18th. Finally, Scotiabank reissued a “sector perform” rating and issued a C$68.00 target price on shares of Methanex in a research note on Thursday, October 26th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Methanex has an average rating of “Hold” and a consensus target price of C$72.00.

The company has a market cap of $6,330.00, a price-to-earnings ratio of 19.33 and a beta of 1.43.

In related news, insider David Valembois sold 1,600 shares of the business’s stock in a transaction that occurred on Friday, November 24th. The shares were sold at an average price of C$52.95, for a total value of C$84,720.00. Also, Director John Floren sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of C$72.85, for a total transaction of C$1,457,000.00. Insiders have sold 29,550 shares of company stock valued at $2,039,009 over the last quarter.

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About Methanex

Methanex Corp is a Canada-based producer and supplier of methanol to a range of international markets. The Company operates production sites in Canada, Chile, Egypt, New Zealand, the United States, as well as Trinidad and Tobago. Its global operations are supported by a global supply chain of terminals, storage facilities and a fleet of methanol ocean tankers.

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