Methanex Co. (NASDAQ:MEOH) Sees Large Drop in Short Interest

Methanex Co. (NASDAQ:MEOH) (TSE:MX) was the recipient of a large decrease in short interest in the month of February. As of February 15th, there was short interest totalling 544,900 shares, a decrease of 12.2% from the January 31st total of 620,600 shares. Approximately 0.8% of the shares of the company are sold short. Based on an average trading volume of 362,200 shares, the days-to-cover ratio is currently 1.5 days.

Methanex Stock Up 1.4 %

Shares of MEOH stock traded up $0.60 on Friday, reaching $42.32. 156,316 shares of the company were exchanged, compared to its average volume of 414,698. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.62 and a quick ratio of 2.00. Methanex has a one year low of $36.13 and a one year high of $56.43. The company has a 50-day moving average of $48.10 and a 200-day moving average of $44.96. The company has a market cap of $2.85 billion, a price-to-earnings ratio of 18.32 and a beta of 1.36.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.30. Methanex had a net margin of 4.41% and a return on equity of 10.97%. Analysts anticipate that Methanex will post 4.32 earnings per share for the current year.

Methanex Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a dividend of $0.185 per share. The ex-dividend date is Monday, March 17th. This represents a $0.74 annualized dividend and a dividend yield of 1.75%. Methanex’s payout ratio is 32.03%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on MEOH shares. Scotiabank raised their price target on Methanex from $60.00 to $66.00 and gave the stock a “sector outperform” rating in a research report on Thursday, January 30th. CIBC reaffirmed an “outperform” rating on shares of Methanex in a report on Monday, February 3rd. Raymond James boosted their price objective on shares of Methanex from $54.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, January 14th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price target on shares of Methanex in a report on Friday, January 31st. Finally, Barclays boosted their price objective on Methanex from $54.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Monday, February 10th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $62.25.

Institutional Trading of Methanex

Several institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC grew its holdings in shares of Methanex by 1.2% in the third quarter. Geode Capital Management LLC now owns 104,871 shares of the specialty chemicals company’s stock valued at $4,340,000 after acquiring an additional 1,203 shares in the last quarter. Barclays PLC grew its position in Methanex by 64.9% during the third quarter. Barclays PLC now owns 20,447 shares of the specialty chemicals company’s stock valued at $845,000 after buying an additional 8,047 shares during the period. Blue Trust Inc. increased its holdings in Methanex by 15.0% during the fourth quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company’s stock worth $142,000 after buying an additional 371 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in Methanex in the third quarter worth about $1,092,000. Finally, Point72 Asset Management L.P. boosted its stake in Methanex by 1,495.7% in the third quarter. Point72 Asset Management L.P. now owns 138,827 shares of the specialty chemicals company’s stock valued at $5,739,000 after acquiring an additional 130,127 shares during the last quarter. Institutional investors own 73.49% of the company’s stock.

About Methanex

Methanex Corporation produces and supplies methanol in China, Europe, the United States, South America, South Korea, Canada, and Asia. 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.