Methanex Co. (MX) Rating Reiterated by Scotiabank
Methanex Co. (TSE:MX) (NASDAQ:MEOH)‘s stock had its “outperform” rating restated by equities researchers at Scotiabank in a research report issued on Wednesday, StockTargetPrices.com reports. They currently have a C$42.75 target price on the stock. Scotiabank’s target price points to a potential downside of 21.82% from the company’s current price.
A number of other brokerages have also recently commented on MX. TD Securities cut Methanex from a “buy” rating to a “hold” rating and upped their price target for the stock from C$39.00 to C$40.00 in a research report on Friday, October 28th. Royal Bank Of Canada restated a “sector perform” rating and issued a C$54.50 price target (up previously from C$46.50) on shares of Methanex in a research report on Thursday, October 27th.
Shares of Methanex (TSE:MX) traded up 7.83% during trading on Wednesday, reaching $58.96. The company’s stock had a trading volume of 395,024 shares. The company has a 50 day moving average of $50.47 and a 200-day moving average of $42.38. Methanex has a 12-month low of $31.63 and a 12-month high of $59.37. The stock’s market cap is $5.30 billion.
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In other Methanex news, insider Wendy Bach bought 4,619 shares of the business’s stock in a transaction that occurred on Tuesday, November 8th. The stock was purchased at an average price of C$48.08 per share, for a total transaction of C$222,081.52.
Methanex Corporation is a 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, and 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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