Methanex (TSE:MX) Shares Pass Above 200-Day Moving Average – Here’s Why

Methanex Co. (TSE:MX) (NASDAQ:MEOH)’s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$70.70 and traded as high as C$85.84. Methanex shares last traded at C$82.25, with a volume of 364,859 shares changing hands.

Analyst Ratings Changes

Separately, Royal Bank Of Canada downgraded Methanex from a “moderate buy” rating to a “hold” rating in a report on Wednesday, April 1st. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of C$50.00.

Methanex Price Performance

The company has a market capitalization of C$6.36 billion, a price-to-earnings ratio of -112.67, a P/E/G ratio of 0.44 and a beta of 0.56. The stock has a fifty day simple moving average of C$83.27 and a 200-day simple moving average of C$70.70. The company has a debt-to-equity ratio of 143.44, a current ratio of 1.96 and a quick ratio of 1.59.

Insider Transactions at Methanex

In other news, insider Kyung Wan (Fred) Lee sold 7,975 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of C$88.02, for a total transaction of C$701,959.50. Following the completion of 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. Also, insider Sergio Almarza sold 4,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of C$86.06, for a total value of C$387,270.00. Following the transaction, the insider directly owned 11,570 shares of the company’s stock, valued at approximately C$995,714.20. The trade was a 28.00% decrease in their ownership of the stock. In the last three months, insiders acquired 278,000 shares of company stock valued at $23,636,345 and sold 15,475 shares valued at $1,347,470. 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.