The stock of Methanex Corporation (TSE:MX) gapped up by $1.17 today and has $62.63 target or 7.00% above today’s $58.53 share price. The 7 months technical chart setup indicates low risk for the $5.24 billion company. The gap was reported on Nov, 30 by Barchart.com. If the $62.63 price target is reached, the company will be worth $366.80 million more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 232,608 shares traded hands. Methanex Corporation (TSE:MX) has risen 22.24% since April 26, 2016 and is uptrending. It has outperformed by 17.02% the S&P500.
Methanex Corporation (TSE:MX) Ratings Coverage
Out of 3 analysts covering Methanex Corporation (TSE:MX), 1 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 33% are positive. $65 is the highest target while $35 is the lowest. The $41.17 average target is -29.66% below today’s ($58.53) stock price. Methanex Corporation has been the topic of 9 analyst reports since January 22, 2016 according to StockzIntelligence Inc. RBC Capital Markets maintained Methanex Corporation (TSE:MX) on Friday, January 22 with “Sector Perform” rating. The firm earned “Sector Perform” rating on Thursday, October 27 by RBC Capital Markets. TD Securities downgraded the stock to “Hold” rating in Friday, October 28 report. The stock of Methanex Corporation (TSE:MX) earned “Outperform” rating by Scotia Capital on Tuesday, August 30. The stock of Methanex Corporation (TSE:MX) earned “Sector Perform” rating by RBC Capital Markets on Monday, June 6.
Another recent and important Methanex Corporation (TSE:MX) news was published by Moodys.com which published an article titled: “Moody’s changes Methanex’s rating outlook to negative” on February 04, 2016.
Methanex Corporation is a producer and supplier of methanol to a range of international markets. The company has a market cap of $5.24 billion. The Firm operates production sites in Canada, Chile, Egypt, New Zealand, the United States, and Trinidad and Tobago. It currently has negative earnings. The Company’s global activities are supported by a global supply chain of terminals, storage facilities and a fleet of methanol ocean tankers.
MX.TO Company Profile
Methanex Corporation, incorporated on March 5, 1992, is a producer and supplier of methanol to a range of international markets in North America, Asia Pacific, Europe and South America. The Firm operates production sites in Canada, Chile, Egypt, New Zealand, the United States, and Trinidad and Tobago. The Company’s global activities are supported by a global supply chain of terminals, storage facilities and a fleet of methanol ocean tankers. The Company’s global supply chain and distribution network provides its clients with supply of methanol. The Company’s subsidiary, Waterfront Shipping Company Limited, operates its fleet, which is made up of approximately 20 vessels ranging from 3,000 to 50,000 deadweight tons of capacity. It has over three production facilities in New Zealand that supply methanol primarily to clients in Asia Pacific. The Firm operates over two plants in Trinidad, Titan and Atlas, which supply methanol to markets in North America, Europe, Asia Pacific and South America.
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