MEG Energy (TSE:MEG) Reaches New 52-Week Low – What’s Next?

MEG Energy Corp. (TSE:MEG)’s stock price hit a new 52-week low during mid-day trading on Monday . The company traded as low as C$22.02 and last traded at C$22.35, with a volume of 174620 shares trading hands. The stock had previously closed at C$22.18.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on MEG. TD Securities upped their price target on shares of MEG Energy from C$35.00 to C$36.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Scotiabank raised MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price objective on the stock in a research report on Wednesday, September 25th. ATB Capital reduced their target price on MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. BMO Capital Markets lowered their price target on MEG Energy from C$37.00 to C$34.00 in a report on Friday, October 4th. Finally, Royal Bank of Canada decreased their target price on MEG Energy from C$34.00 to C$33.00 in a research report on Wednesday, November 27th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, MEG Energy currently has an average rating of “Moderate Buy” and a consensus target price of C$32.45.

MEG Energy Trading Up 1.2 %

The stock’s fifty day simple moving average is C$25.29 and its 200 day simple moving average is C$26.58. The firm has a market capitalization of C$6.05 billion, a PE ratio of 10.69, a PEG ratio of 0.17 and a beta of 2.89. The company has a quick ratio of 1.17, a current ratio of 1.54 and a debt-to-equity ratio of 26.35.

MEG Energy (TSE:MEG) last posted its quarterly earnings data on Tuesday, November 5th. The company reported C$0.62 EPS for the quarter, missing the consensus estimate of C$0.63 by C($0.01). The company had revenue of C$1.27 billion during the quarter, compared to analysts’ expectations of C$1.33 billion. MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. On average, sell-side analysts predict that MEG Energy Corp. will post 2.2734628 earnings per share for the current year.

MEG Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Wednesday, January 15th will be paid a dividend of $0.10 per share. The ex-dividend date is Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.78%. MEG Energy’s dividend payout ratio (DPR) is presently 19.05%.

Insider Buying and Selling

In other MEG Energy news, Director Robert Ross Rooney purchased 8,500 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was acquired at an average price of C$23.06 per share, for a total transaction of C$195,993.00. Also, Director Kimberley Elizabeth Lynch Proctor acquired 3,500 shares of the stock in a transaction dated Thursday, November 28th. The stock was acquired at an average price of C$25.06 per share, for a total transaction of C$87,713.85. In the last ninety days, insiders bought 12,805 shares of company stock valued at $303,669. 0.33% of the stock is owned by corporate insiders.

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.