MEG Energy (TSE:MEG) Reaches New 12-Month Low – Here’s Why

MEG Energy Corp. (TSE:MEG) shares hit a new 52-week low during trading on Friday . The company traded as low as C$19.37 and last traded at C$19.55, with a volume of 2383225 shares trading hands. The stock had previously closed at C$22.81.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on MEG shares. National Bankshares upped their target price on shares of MEG Energy from C$27.00 to C$28.00 and gave the company a “sector perform” rating in a report on Thursday, January 30th. Scotiabank raised MEG Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. Desjardins lowered MEG Energy from a “buy” rating to a “hold” rating and decreased their target price for the stock from C$29.00 to C$26.50 in a report on Wednesday, March 19th. TD Securities cut their price target on MEG Energy from C$33.00 to C$32.00 and set a “buy” rating for the company in a report on Friday, February 28th. Finally, Royal Bank of Canada reduced their price objective on shares of MEG Energy from C$33.00 to C$31.00 in a research report on Tuesday, January 14th. Five equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, MEG Energy currently has a consensus rating of “Hold” and a consensus price target of C$30.95.

MEG Energy Stock Performance

The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 22.80. The firm has a market capitalization of C$5.17 billion, a price-to-earnings ratio of 10.57, a PEG ratio of 0.17 and a beta of 2.89. The stock’s 50-day moving average is C$23.59 and its 200-day moving average is C$24.56.

MEG Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 15th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.01%. The ex-dividend date is Thursday, March 20th. MEG Energy’s dividend payout ratio is currently 21.19%.

Insiders Place Their Bets

In related news, Director Darlene Miriam Gates sold 91,584 shares of MEG Energy stock in a transaction that occurred on Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total value of C$2,215,416.96. Also, Senior Officer Erik Alexander Alson sold 32,728 shares of the company’s stock in a transaction that occurred 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.

About MEG Energy

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.