Insider Buying: MEG Energy Corp. (TSE:MEG) Director Purchases C$134,700.00 in Stock

MEG Energy Corp. (TSE:MEG) Director James D. Mcfarland bought 5,000 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was purchased at an average price of C$26.94 per share, for a total transaction of C$134,700.00.

MEG Energy Price Performance

The company has a market capitalization of C$6.70 billion, a price-to-earnings ratio of 11.87, a PEG ratio of 0.17 and a beta of 2.92. MEG Energy Corp. has a 1 year low of C$22.79 and a 1 year high of C$33.70. The stock has a 50 day simple moving average of C$27.77 and a two-hundred day simple moving average of C$29.20. The company has a debt-to-equity ratio of 26.35, a quick ratio of 1.17 and a current ratio of 1.54.

MEG Energy (TSE:MEG) last issued its earnings results on Thursday, July 25th. The company reported C$0.86 earnings per share for the quarter, topping analysts’ consensus estimates of C$0.69 by C$0.17. The business had revenue of C$2.74 billion for the quarter, compared to the consensus estimate of C$1.28 billion. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. On average, equities analysts predict that MEG Energy Corp. will post 2.4093357 earnings per share for the current fiscal year.

MEG Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, September 17th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of ∞. The ex-dividend date is Tuesday, September 17th. MEG Energy’s payout ratio is presently 19.05%.

Analyst Ratings Changes

A number of research analysts recently issued reports on MEG shares. Scotiabank raised their target price on shares of MEG Energy from C$34.00 to C$35.00 in a research note on Friday, July 12th. Jefferies Financial Group lowered their target price on shares of MEG Energy from C$35.00 to C$32.00 and set a “hold” rating on the stock in a research note on Monday, July 15th. TD Securities raised shares of MEG Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, June 7th. Finally, Raymond James set a C$28.00 price target on shares of MEG Energy and gave the company 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’s stock. According to MarketBeat.com, MEG Energy presently has an average rating of “Hold” and an average target price of C$34.00.

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.