Chart of the Day: Methanex - Near a 52 Week High
The Chart of the Day belongs to the methanol producing and shipping company Methanex (MEOH). I found the stock by using Barchart's powerful screening function to find the stock with the highest Weighted Alpha and technical buy signals that are closest to their 52 week highs, then used the Flipchart function to review the charts for consistent price appreciation. Since the Trend Spotter signaled a buy on 3/17 the stock gained 7.16%. The stock is within .02% of its 52 week high.
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. It serves chemical and petrochemical producers. Methanex Corporation was incorporated in 1968 and is headquartered in Vancouver, Canada.
Barchart's Opinion Trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 20 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com website when you read this report.
Barchart Technical Indicators:
- 100% technical buy signals
- 62.80+ Weighted Alpha
- 53.03% gain in the last year
- Above its 20, 50 and 100 day moving averages
- 8 new highs and up 8.55% in the last month'
- Relative Strength Index 63.76%
- Technical support level at 55.73
- Recently traded at 56.48 with a 50 day moving average of 49.67
- Market Cap $4.20 billion
- P/E 9.20
- Dividend yield .89%
- Revenue expected to grow 54.20% this year
- Earnings estimated to increase 388.90% this year and continue to compound at an annual rate of 28.70% for the next 5 years
Analysts and Investor Sentiment -- I don't buy stocks because everyone else is buying but I do realize that if major firms and investors are dumping a stock it's hard to make money swimming against the tide:
- Wall Street analysts issued 2 strong buy, 5 buy, 5hold and 1 under perform opinion on the stock
- The consensus price target is 52.92 with some analysts having a price target as high as 60.00
- The individual investors following the stock on Motley Fool voted 218 to 10 for the stock to beat the market with the more experienced investors voting 28 to 2 for the same result
- 4,910 investors are monitoring the stock on Seeking Alpha
Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in MEOH, over the next 72 hours..
Additional disclosure: The Barchart Chart of the Day highlights stocks that are experiencing exceptional current price appreciation. They are not intended to be buy recommendations as these stocks are extremely volatile and speculative. Should you decide to add one of these stocks to your investment portfolio it is highly suggested you follow a predetermined diversification and moving stop loss discipline that is consistent with your personal investment risk tolerance and reevaluate your stop losses at least on a weekly basis.
Provided Content: Content provided by Barchart. The Globe and Mail was not involved, and material was not reviewed prior to publication.