Methanex Co. (NASDAQ:MEOH – Get Rating) (TSE:MX) saw a large increase in short interest in August. As of August 31st, there was short interest totalling 1,740,000 shares, an increase of 8.8% from the August 15th total of 1,600,000 shares. Based on an average daily trading volume, of 489,100 shares, the days-to-cover ratio is currently 3.6 days. Approximately 2.5% of the company’s stock are sold short.
Methanex Stock Down 3.6 %
MEOH opened at $32.98 on Monday. The business’s 50-day simple moving average is $37.08 and its 200-day simple moving average is $45.07. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.77 and a current ratio of 2.35. Methanex has a one year low of $32.53 and a one year high of $56.79. The stock has a market capitalization of $2.31 billion, a P/E ratio of 5.11 and a beta of 1.66.
Methanex (NASDAQ:MEOH – Get Rating) (TSE:MX) last posted its earnings results on Wednesday, July 27th. The specialty chemicals company reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.85 by ($0.69). The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.18 billion. Methanex had a return on equity of 24.76% and a net margin of 11.10%. Analysts anticipate that Methanex will post 4.64 EPS for the current year.
Methanex Increases Dividend
Analyst Ratings Changes
A number of equities research analysts have issued reports on the stock. Jefferies Financial Group increased their target price on shares of Methanex from $67.00 to $73.00 in a report on Thursday, June 16th. UBS Group reduced their price objective on shares of Methanex from $36.00 to $34.00 and set a “sell” rating on the stock in a report on Thursday, July 28th. Barclays reduced their price objective on shares of Methanex from $60.00 to $52.00 in a report on Tuesday, August 2nd. Royal Bank of Canada reduced their price objective on shares of Methanex from $60.00 to $55.00 and set an “outperform” rating on the stock in a report on Friday, July 29th. Finally, Piper Sandler reduced their price objective on shares of Methanex from $48.00 to $40.00 and set an “underweight” rating on the stock in a report on Friday, July 29th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $51.23.
Hedge Funds Weigh In On Methanex
Several institutional investors have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC increased its position in Methanex by 37.2% in the 1st quarter. Lazard Asset Management LLC now owns 1,114 shares of the specialty chemicals company’s stock valued at $60,000 after acquiring an additional 302 shares during the period. Van ECK Associates Corp increased its position in Methanex by 64.7% during the 1st quarter. Van ECK Associates Corp now owns 779 shares of the specialty chemicals company’s stock worth $42,000 after purchasing an additional 306 shares during the period. Benjamin F. Edwards & Company Inc. acquired a new position in Methanex during the 1st quarter worth approximately $27,000. Hsbc Holdings PLC increased its position in Methanex by 9.1% during the 1st quarter. Hsbc Holdings PLC now owns 10,197 shares of the specialty chemicals company’s stock worth $563,000 after purchasing an additional 850 shares during the period. Finally, CIBC Asset Management Inc increased its position in Methanex by 1.4% during the 1st quarter. CIBC Asset Management Inc now owns 67,901 shares of the specialty chemicals company’s stock worth $3,707,000 after purchasing an additional 957 shares during the period. Institutional investors and hedge funds own 72.41% of the company’s stock.
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.
- Get a free copy of the StockNews.com research report on Methanex (MEOH)
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