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

Methanex Co. (NASDAQ:MEOH - Get Free Report) TSE: MX was the recipient of a large increase in short interest in May. As of May 15th, there was short interest totalling 923,100 shares, an increase of 31.1% from the April 30th total of 704,100 shares. Approximately 1.4% of the shares of the company are short sold. Based on an average daily volume of 596,400 shares, the days-to-cover ratio is currently 1.5 days.

Methanex Price Performance

MEOH traded up $0.33 during trading on Friday, hitting $33.14. The company's stock had a trading volume of 281,497 shares, compared to its average volume of 398,460. The stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of 14.35 and a beta of 0.93. Methanex has a 12 month low of $25.46 and a 12 month high of $54.49. The company has a quick ratio of 2.00, a current ratio of 2.62 and a debt-to-equity ratio of 1.01. The firm's 50 day moving average price is $31.17 and its two-hundred day moving average price is $40.72.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last posted its earnings results on Wednesday, April 30th. The specialty chemicals company reported $1.30 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.25 by $0.05. The firm had revenue of $857.90 million during the quarter, compared to analysts' expectations of $1.06 billion. Methanex had a return on equity of 10.97% and a net margin of 4.41%. The company's revenue was down 2.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.65 earnings per share. Sell-side analysts forecast that Methanex will post 4.32 earnings per share for the current fiscal year.

Methanex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a $0.185 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 2.23%. Methanex's payout ratio is 24.83%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on MEOH shares. Piper Sandler set a $48.00 target price on shares of Methanex and gave the stock an "overweight" rating in a research note on Sunday, May 18th. CIBC dropped their target price on Methanex from $47.00 to $44.00 and set an "outperformer" rating for the company in a research report on Monday, May 5th. Wall Street Zen downgraded Methanex from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. UBS Group lowered their price objective on Methanex from $51.00 to $50.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. Finally, Scotiabank raised Methanex from a "sector perform" rating to a "sector outperform" rating and set a $53.00 price target for the company in a report on Monday, May 5th. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $48.25.

Institutional Trading of Methanex

Several hedge funds have recently added to or reduced their stakes in MEOH. SVB Wealth LLC bought a new stake in shares of Methanex during the 1st quarter valued at $38,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Methanex in the first quarter worth $55,000. Headlands Technologies LLC bought a new position in shares of Methanex in the first quarter worth $82,000. Parkside Financial Bank & Trust increased its position in shares of Methanex by 39.7% in the fourth quarter. Parkside Financial Bank & Trust now owns 2,015 shares of the specialty chemicals company's stock worth $101,000 after purchasing an additional 573 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Methanex in the fourth quarter worth $106,000. 73.49% of the stock is owned by institutional investors and hedge funds.

Methanex Company Profile

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.