MEG Energy (TSE:MEG) PT Lowered to C$26.00

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

A number of other brokerages have also commented on MEG. Raymond James set a C$28.00 price objective on MEG Energy and gave the stock a market perform rating in a research report on Wednesday, May 29th. TD Securities upgraded MEG Energy from a hold rating to a strong-buy rating in a research report on Friday, June 7th. Finally, Scotiabank boosted their target price on MEG Energy from C$34.00 to C$35.00 in a research report on Friday, July 12th. Seven equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of C$33.09.

MEG Energy Price Performance

Shares of MEG stock opened at C$25.66 on Monday. The stock has a 50-day moving average price of C$26.84 and a 200 day moving average price of C$29.00. The company has a quick ratio of 1.17, a current ratio of 1.54 and a debt-to-equity ratio of 26.35. The firm has a market cap of C$6.92 billion, a price-to-earnings ratio of 12.22, a PEG ratio of 0.17 and a beta of 2.92. MEG Energy has a 12 month low of C$22.79 and a 12 month high of C$33.70.

MEG Energy (TSE:MEG) last announced its quarterly earnings data on Thursday, July 25th. The company reported C$0.86 EPS for the quarter, topping analysts’ consensus estimates of C$0.69 by C$0.17. The firm had revenue of C$2.74 billion during the quarter, compared to analyst estimates of C$1.28 billion. MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. Research analysts expect that MEG Energy will post 2.7951669 EPS for the current year.

MEG Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 15th will be given a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, September 17th. This represents a $0.40 annualized dividend and a dividend yield of 1.56%. MEG Energy’s dividend payout ratio is presently 19.05%.

Insider Activity at MEG Energy

In other MEG Energy news, Director Michael Mcallister acquired 7,400 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average cost of C$25.67 per share, for a total transaction of C$189,986.86. In other MEG Energy news, Director Michael Mcallister acquired 7,400 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average cost 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 business’s stock in a transaction 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. 0.33% of the stock is owned by insiders.

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.