MEG Energy Corp. (TSE:MEG) Receives C$32.27 Average PT from Brokerages

MEG Energy Corp. (TSE:MEG) has earned an average recommendation of “Moderate Buy” from the eleven research firms that are currently covering the stock, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is C$32.27.

Several equities analysts have weighed in on MEG shares. BMO Capital Markets dropped their target price on MEG Energy from C$37.00 to C$34.00 in a research report on Friday, October 4th. Jefferies Financial Group lowered their price objective on MEG Energy from C$32.00 to C$26.00 and set a “hold” rating for the company in a research report on Monday, September 16th. National Bankshares lowered their price objective on MEG Energy from C$35.00 to C$31.00 in a research report on Friday, September 27th. Royal Bank of Canada lowered their price objective on MEG Energy from C$39.00 to C$35.00 in a research report on Tuesday, September 17th. Finally, Scotiabank raised MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price objective for the company in a research report on Wednesday, September 25th.

Insider Activity

In other news, Director Michael Mcallister acquired 7,400 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average cost of C$25.67 per share, with a total value of C$189,986.86. In related news, Director James D. Mcfarland purchased 5,000 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was acquired at an average price of C$26.94 per share, for a total transaction of C$134,700.00. Also, Director Michael Mcallister purchased 7,400 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average price of C$25.67 per share, with a total value of C$189,986.86. Corporate insiders own 0.33% of the company’s stock.

MEG Energy Stock Performance

TSE MEG opened at C$25.67 on Thursday. The company has a market cap of C$6.92 billion, a P/E ratio of 12.22, a P/E/G ratio of 0.17 and a beta of 2.89. The company has a debt-to-equity ratio of 26.35, a current ratio of 1.54 and a quick ratio of 1.17. The stock has a 50-day moving average of C$26.26 and a two-hundred day moving average of C$28.34. MEG Energy has a 1-year low of C$22.79 and a 1-year high of C$33.70.

MEG Energy (TSE:MEG) last released its earnings results on Thursday, July 25th. The company reported C$0.86 earnings per share for the quarter, beating the consensus estimate of C$0.69 by C$0.17. The company had revenue of C$2.74 billion during the quarter, compared to the consensus estimate of C$1.28 billion. MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. As a group, analysts anticipate that MEG Energy will post 2.2734628 EPS for the current year.

MEG Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 15th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend was Tuesday, September 17th. MEG Energy’s dividend payout ratio (DPR) is 19.05%.

MEG Energy Company Profile

MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production in its Christina Lake Project in the southern Athabasca oil region of Alberta, Canada. The company develops oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the recovery of oil, as well as lower carbon emissions.