MEG Energy (TSE:MEG) Cut to “Hold” at Desjardins

Desjardins downgraded shares of MEG Energy (TSE:MEG) from a buy rating to a hold rating in a research note published on Wednesday morning, Marketbeat Ratings reports. Desjardins currently has C$26.50 price objective on the stock, down from their prior price objective of C$29.00.

A number of other research analysts also recently commented on the company. ATB Capital lowered their target price on MEG Energy from C$37.00 to C$35.00 in a research report on Wednesday, November 27th. TD Securities lowered their price target on MEG Energy from C$33.00 to C$32.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Royal Bank of Canada lowered their price target on MEG Energy from C$33.00 to C$31.00 in a research report on Tuesday, January 14th. Finally, National Bankshares raised their price target on MEG Energy from C$27.00 to C$28.00 and gave the stock a “sector perform” rating in a research report on Thursday, January 30th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of C$30.95.

MEG Energy Stock Up 0.1 %

TSE MEG opened at C$24.85 on Wednesday. The company has a debt-to-equity ratio of 22.80, a quick ratio of 1.17 and a current ratio of 1.55. The company has a market capitalization of C$6.44 billion, a P/E ratio of 13.16, a P/E/G ratio of 0.17 and a beta of 2.89. MEG Energy has a one year low of C$19.77 and a one year high of C$33.70. The stock has a 50 day moving average price of C$23.41 and a 200-day moving average price of C$24.54.

MEG Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 15th will be paid a $0.10 dividend. The ex-dividend date is Thursday, March 20th. This represents a $0.40 dividend on an annualized basis and a yield of 1.61%. MEG Energy’s payout ratio is 21.19%.

Insiders Place Their Bets

In other news, Director Darlene Miriam Gates sold 91,584 shares of the firm’s stock in a transaction on Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total transaction of C$2,215,416.96. Also, Senior Officer Erik Alexander Alson sold 32,728 shares of the firm’s stock in a transaction on Saturday, March 15th. The shares were sold at an average price of C$24.19, for a total value of C$791,690.32. Insiders own 0.33% of the company’s stock.

MEG Energy Company Profile

MEG Energy is engaged in in situ oil sands development and production in Alberta, Canada. As of March 2021, the company reported estimated net proved and probable reserves of 2 billion barrels of oil equivalent. Net production averaged 82,000 barrels per day in 2020.