Jefferies Financial Group Trims MEG Energy (TSE:MEG) Target Price to C$26.00

MEG Energy (TSE:MEG) had its target price decreased by Jefferies Financial Group from C$32.00 to C$26.00 in a report released on Monday, BayStreet.CA reports. Jefferies Financial Group currently has a hold rating on the stock.

MEG has been the topic of a number of other research reports. TD Securities raised MEG Energy from a hold rating to a strong-buy rating in a report on Friday, June 7th. Scotiabank lifted their price objective on shares of MEG Energy from C$34.00 to C$35.00 in a report on Friday, July 12th. Finally, Raymond James set a C$28.00 target price on shares of MEG Energy and gave the stock a market perform rating in a report on Wednesday, May 29th. Seven investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of Hold and an average target price of C$33.09.

MEG Energy Stock Performance

MEG Energy stock opened at C$25.09 on Monday. MEG Energy has a 52 week low of C$22.79 and a 52 week high of C$33.70. The company has a current ratio of 1.54, a quick ratio of 1.17 and a debt-to-equity ratio of 26.35. The stock has a market cap of C$6.76 billion, a P/E ratio of 11.95, a price-to-earnings-growth ratio of 0.17 and a beta of 2.92. The stock has a 50 day moving average of C$26.89 and a 200-day moving average of C$29.03.

MEG Energy (TSE:MEG) last announced its quarterly earnings data on Thursday, July 25th. The company reported C$0.86 earnings per share for the quarter, topping 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 analyst estimates of C$1.28 billion. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. On average, analysts expect that MEG Energy will post 2.7951669 EPS for the current fiscal year.

MEG Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 15th will be paid a $0.10 dividend. The ex-dividend date is Tuesday, September 17th. This represents a $0.40 annualized dividend and a dividend yield of 1.59%. MEG Energy’s payout ratio is currently 19.05%.

Insider Buying and Selling

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