BMO Capital Markets Trims MEG Energy (TSE:MEG) Target Price to C$34.00

MEG Energy (TSE:MEG) had its price target reduced by BMO Capital Markets from C$37.00 to C$34.00 in a report published on Friday, BayStreet.CA reports.

Several other brokerages also recently weighed in on MEG. National Bankshares reduced their price target on MEG Energy from C$35.00 to C$31.00 in a report on Friday, September 27th. Jefferies Financial Group cut their price target on MEG Energy from C$32.00 to C$26.00 and set a hold rating on the stock in a report on Monday, September 16th. 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. 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, TD Securities raised MEG Energy from a hold rating to a strong-buy rating in a research report on Friday, June 7th. Six equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, MEG Energy has a consensus rating of Moderate Buy and an average target price of C$32.27.

MEG Energy Trading Up 0.4 %

Shares of TSE:MEG opened at C$27.69 on Friday. The company has a market cap of C$7.46 billion, a P/E ratio of 13.19, a PEG ratio of 0.17 and a beta of 2.92. The company has a debt-to-equity ratio of 26.35, a current ratio of 1.54 and a quick ratio of 1.17. MEG Energy has a 1 year low of C$22.79 and a 1 year high of C$33.70. The stock’s fifty day moving average price is C$26.35 and its 200-day moving average price is C$28.74.

MEG Energy (TSE:MEG) last issued its quarterly earnings results on Thursday, July 25th. The company reported C$0.86 EPS for the quarter, topping analysts’ consensus estimates of C$0.69 by C$0.17. The business had revenue of C$2.74 billion during the quarter, compared to analysts’ expectations of C$1.28 billion. MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. Sell-side analysts expect that MEG Energy will post 2.2403101 earnings per share for the current year.

MEG Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 15th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.44%. The ex-dividend date of this dividend is Tuesday, September 17th. MEG Energy’s dividend payout ratio (DPR) is 19.05%.

Insider Transactions at MEG Energy

In related news, Director James D. Mcfarland acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was purchased at an average cost of C$26.94 per share, for a total transaction of C$134,700.00. In other MEG Energy news, Director James D. Mcfarland purchased 5,000 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was purchased at an average cost of C$26.94 per share, with a total value of C$134,700.00. Also, Director Michael Mcallister purchased 7,400 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost 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.

About MEG Energy

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.