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

Canadian Imperial Bank of Commerce upgraded shares of Methanex (TSE:MX) (NASDAQ:MEOH) from a hold rating to a strong-buy rating in a report released on Monday,Zacks.com reports.

A number of other research analysts also recently weighed in on MX. National Bank Financial upgraded shares of Methanex to a “strong-buy” rating in a report on Monday, July 13th. Royal Bank Of Canada cut Methanex from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, April 1st. Two analysts have rated the stock with a Strong Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of C$60.00.

Methanex Stock Up 0.3%

Shares of Methanex stock opened at C$76.95 on Monday. The company has a market capitalization of C$5.95 billion, a P/E ratio of -105.41, a PEG ratio of 0.44 and a beta of 0.63. The company has a debt-to-equity ratio of 143.44, a current ratio of 1.96 and a quick ratio of 1.59. The business’s fifty day moving average price is C$77.34 and its two-hundred day moving average price is C$74.30. Methanex has a 1-year low of C$44.57 and a 1-year high of C$92.97.

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

Insider Transactions at Methanex

In other Methanex news, insider Sunil Jagwani bought 745 shares of the business’s stock in a transaction on Friday, May 29th. The shares were bought at an average cost of C$82.36 per share, for a total transaction of C$61,358.20. Following the transaction, the insider owned 2,600,200 shares in the company, valued at approximately 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 firm’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 completion of 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. Over the last 90 days, insiders bought 278,000 shares of company stock worth $23,636,345 and sold 13,475 shares worth $1,175,470. 0.35% of the stock is currently owned by corporate insiders.

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.