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

Methanex (TSE:MX – Get Free Report) (NASDAQ:MEOH) was upgraded by investment analysts at Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

MX has been the subject of several other research reports. Royal Bank Of Canada downgraded shares of Methanex from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, April 1st. National Bank Financial upgraded shares of Methanex to a “strong-buy” rating in a research note on Monday, July 13th. Two equities research analysts have rated the stock with a Strong Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of C$60.00.

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Methanex Stock Up 0.3%

Shares of TSE MX opened at C$76.95 on Monday. The firm’s 50-day simple moving average is C$77.34 and its 200 day simple moving average is C$74.30. The company has a market cap of C$5.95 billion, a price-to-earnings ratio of -105.41, a price-to-earnings-growth ratio of 0.44 and a beta of 0.63. The company has a quick ratio of 1.59, a current ratio of 1.96 and a debt-to-equity ratio of 143.44. Methanex has a 12-month low of C$44.57 and a 12-month high of C$92.97.

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

Insider Buying and Selling

In other news, insider Sunil Jagwani purchased 43,000 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were purchased at an average cost of C$82.62 per share, with a total value of C$3,552,660.00. Following the completion of the transaction, the insider owned 2,571,000 shares of the company’s stock, valued at C$212,416,020. The trade was a 1.70% increase in their position. Also, insider Sergio Almarza sold 4,500 shares of Methanex stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of C$86.06, for a total transaction of C$387,270.00. Following the completion of the transaction, the insider directly owned 11,570 shares of the company’s stock, valued at approximately C$995,714.20. This trade represents a 28.00% decrease in their position. Over the last three months, insiders have bought 278,000 shares of company stock worth $23,636,345 and have sold 13,475 shares worth $1,175,470. 0.35% of the stock is owned by corporate insiders.

About Methanex

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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.

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