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

Methanex Co. (NASDAQ:MEOH) (TSE:MX) was the recipient of a significant decrease in short interest during the month of December. As of December 15th, there was short interest totalling 623,100 shares, a decrease of 20.9% from the November 30th total of 787,600 shares. Based on an average daily trading volume, of 318,300 shares, the days-to-cover ratio is currently 2.0 days. Currently, 0.9% of the company’s stock are sold short.

Methanex Stock Performance

Shares of MEOH traded up $0.55 during trading hours on Friday, reaching $49.00. 303,593 shares of the company traded hands, compared to its average volume of 303,321. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.01 and a current ratio of 1.34. The stock’s fifty day moving average is $44.29 and its 200 day moving average is $44.72. Methanex has a 1-year low of $36.13 and a 1-year high of $56.43. The stock has a market cap of $3.30 billion, a P/E ratio of 22.90 and a beta of 1.40.

Methanex Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be given a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date is Tuesday, December 17th. Methanex’s dividend payout ratio is presently 34.58%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MEOH. Wilmington Savings Fund Society FSB bought a new stake in Methanex in the 3rd quarter valued at $40,000. EverSource Wealth Advisors LLC boosted its position in shares of Methanex by 572.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock valued at $93,000 after acquiring an additional 1,626 shares in the last quarter. Blue Trust Inc. increased its stake in Methanex by 56.8% in the third quarter. Blue Trust Inc. now owns 2,474 shares of the specialty chemicals company’s stock valued at $102,000 after acquiring an additional 896 shares during the period. Squarepoint Ops LLC acquired a new position in Methanex in the second quarter worth about $201,000. Finally, Value Partners Investments Inc. lifted its stake in Methanex by 10.4% during the third quarter. Value Partners Investments Inc. now owns 5,642 shares of the specialty chemicals company’s stock worth $233,000 after purchasing an additional 532 shares during the period. 73.49% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on MEOH shares. StockNews.com raised Methanex from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Raymond James decreased their price objective on shares of Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a report on Wednesday, September 11th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 target price on shares of Methanex in a report on Tuesday, September 3rd. Piper Sandler boosted their target price on shares of Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Finally, UBS Group lowered their price target on Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $57.25.

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.