Raymond James Increases Methanex (TSE:MX) Price Target to C$72.00

Methanex (TSE:MX) (NASDAQ:MEOH) had its price target hoisted by research analysts at Raymond James to C$72.00 in a research report issued on Wednesday, Stock Target Advisor reports. The firm currently has an “outperform” rating on the stock. Raymond James’ price target indicates a potential upside of 40.24% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. Royal Bank of Canada raised their price target on shares of Methanex from C$50.00 to C$63.00 and gave the company an “outperform” rating in a report on Wednesday, September 1st. Tudor Pickering reissued a “hold” rating and issued a C$48.50 price target on shares of Methanex in a report on Friday, August 20th. CIBC restated an “outperform” rating and set a C$20.00 price objective on shares of Methanex in a report on Monday, August 30th. TD Securities raised their price target on shares of Methanex to C$68.50 and gave the stock a “buy” rating in a research report on Friday, July 30th. Finally, Barclays raised shares of Methanex to a “buy” rating and set a C$53.00 price target on the stock in a report on Tuesday, September 7th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Methanex presently has an average rating of “Buy” and an average target price of C$49.10.

Shares of TSE:MX traded up C$2.00 during mid-day trading on Wednesday, hitting C$51.34. 213,542 shares of the company traded hands, compared to its average volume of 261,307. The firm has a market cap of C$3.91 billion and a P/E ratio of 37.31. Methanex has a 52-week low of C$29.12 and a 52-week high of C$62.49. The firm’s 50 day simple moving average is C$43.32 and its 200 day simple moving average is C$45.04. The company has a debt-to-equity ratio of 168.72, a quick ratio of 1.50 and a current ratio of 2.05.

In related news, Director Rudinauth Chadee acquired 1,451 shares of Methanex stock in a transaction that occurred on Wednesday, August 25th. The stock was acquired at an average price of C$45.42 per share, with a total value of C$65,906.16. Following the completion of the acquisition, the director now directly owns 8,715 shares of the company’s stock, valued at approximately C$395,845.76. Also, Director Alejandro Larrive sold 1,000 shares of the business’s stock in a transaction dated Tuesday, August 10th. The stock was sold at an average price of C$44.95, for a total transaction of C$44,946.00. Following the sale, the director now owns 19,904 shares in the company, valued at C$894,605.18. Insiders have sold a total of 3,500 shares of company stock valued at $146,154 in the last 90 days.

About Methanex

Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. The company also purchases methanol produced by others under methanol offtake contracts and on the spot market. In addition, it owns and leases storage and terminal facilities. The company owns and manages a fleet of approximately 30 ocean-going vessels.

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