Time to Reconsider Methanex Corporation (MEOH) After Achieving 52-Week High?

May 17, 2018 - By Jimmy Baldridge

Methanex Corporation (NASDAQ:MEOH) Logo

The stock of Methanex Corporation (NASDAQ:MEOH) hit a new 52-week high and has $73.79 target or 4.00 % above today’s $70.95 share price. The 8 months bullish chart indicates low risk for the $5.81 billion company. The 1-year high was reported on May, 17 by Barchart.com. If the $73.79 price target is reached, the company will be worth $232.36M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock.

The stock increased 0.85% or $0.6 during the last trading session, reaching $70.95. About 215,571 shares traded. Methanex Corporation (NASDAQ:MEOH) has risen 32.18% since May 17, 2017 and is uptrending. It has outperformed by 20.63% the S&P500.

Analysts await Methanex Corporation (NASDAQ:MEOH) to report earnings on July, 25. They expect $1.59 earnings per share, up 87.06 % or $0.74 from last year’s $0.85 per share. MEOH’s profit will be $130.18 million for 11.16 P/E if the $1.59 EPS becomes a reality. After $2.03 actual earnings per share reported by Methanex Corporation for the previous quarter, Wall Street now forecasts -21.67 % negative EPS growth.

Methanex Corporation (NASDAQ:MEOH) Ratings Coverage

Among 7 analysts covering Methanex Corp (NASDAQ:MEOH), 4 have Buy rating, 0 Sell and 3 Hold. Therefore 57% are positive. Methanex Corp had 17 analyst reports since November 24, 2017 according to SRatingsIntel. Alembic maintained the shares of MEOH in report on Tuesday, February 20 with “Buy” rating. Cowen & Co maintained Methanex Corporation (NASDAQ:MEOH) on Monday, January 22 with “Buy” rating. The firm has “Buy” rating by Alembic given on Wednesday, January 31. The rating was maintained by BMO Capital Markets on Thursday, February 1 with “Buy”. Scotia Capital maintained Methanex Corporation (NASDAQ:MEOH) rating on Wednesday, January 31. Scotia Capital has “Hold” rating and $67.5 target. The firm has “Buy” rating given on Tuesday, April 17 by Cowen & Co. The rating was maintained by BMO Capital Markets with “Buy” on Friday, November 24. TD Securities downgraded the stock to “Hold” rating in Monday, January 8 report. Cowen & Co maintained Methanex Corporation (NASDAQ:MEOH) on Thursday, December 14 with “Buy” rating. As per Wednesday, January 3, the company rating was maintained by Scotia Capital.

Another recent and important Methanex Corporation (NASDAQ:MEOH) news was published by Seekingalpha.com which published an article titled: “Methanex Corporation’s (MEOH) CEO John Floren on Q1 2018 Results – Earnings Call Transcript” on April 28, 2018.

Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. The company has market cap of $5.81 billion. It also purchases methanol produced by others under methanol offtake contracts and on the spot market. It has a 19.49 P/E ratio.

Methanex Corporation (NASDAQ:MEOH) Ratings Chart

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