Methanex Corporation (MEOH) Formed Bullish Wedge Up; Buyers Could Thrive

October 2, 2018 - By Ruchi Gupta

Methanex Corporation (NASDAQ:MEOH) Logo

The stock of Methanex Corporation (MEOH) formed an up wedge with $85.00 target or 6.00 % above today’s $80.19 share price. The 7 months wedge indicates low risk for the $6.28B company. If the $85.00 price target is reached, the company will be worth $376.98 million more.
Rising wedges, especially for downward breakouts are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 8% and 24%. The average rise is 28% and the decline is 14%. Wedges has high throwback and pullback rate: 73%, 63% and the percent of wedges meeting target is not more than 50%.

The stock increased 1.38% or $1.09 during the last trading session, reaching $80.19. About 810,250 shares traded or 98.81% up from the average. Methanex Corporation (NASDAQ:MEOH) has risen 40.75% since October 2, 2017 and is uptrending. It has outperformed by 25.13% the S&P500.

Analysts await Methanex Corporation (NASDAQ:MEOH) to report earnings on October, 24. They expect $2.01 EPS, up 235.00 % or $1.41 from last year’s $0.6 per share. MEOH’s profit will be $157.49M for 9.97 P/E if the $2.01 EPS becomes a reality. After $1.75 actual EPS reported by Methanex Corporation for the previous quarter, Wall Street now forecasts 14.86 % EPS growth.

Methanex Corporation (NASDAQ:MEOH) Ratings Coverage

Among 5 analysts covering Methanex Corp (NASDAQ:MEOH), 3 have Buy rating, 0 Sell and 2 Hold. Therefore 60% are positive. Methanex Corp had 5 analyst reports since April 17, 2018 according to SRatingsIntel. The stock has “Outperform” rating by Raymond James on Thursday, September 13. On Friday, June 8 the stock rating was maintained by Jefferies with “Buy”. The firm earned “Neutral” rating on Wednesday, July 11 by Citigroup. The rating was maintained by RBC Capital Markets on Thursday, April 26 with “Hold”. The stock has “Buy” rating by Cowen & Co on Tuesday, April 17.

Another recent and important Methanex Corporation (NASDAQ:MEOH) news was published by Globenewswire.com which published an article titled: “Research Report Identifies EnLink Midstream Partners, LP, Methanex, Novo Nordisk A/S, Magellan Midstream Partners …” on September 26, 2018.

Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. The company has market cap of $6.28 billion. It also purchases methanol produced by others under methanol offtake contracts and on the spot market. It has a 17.65 P/E ratio.

Methanex Corporation (NASDAQ:MEOH) Ratings Chart

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