MEG Energy Corp. (TSE:MEG) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of MEG Energy Corp. (TSE:MEG) have been given an average recommendation of “Moderate Buy” by the ten analysts that are covering the company, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is C$32.45.

Several brokerages recently weighed in on MEG. Royal Bank of Canada reduced their target price on shares of MEG Energy from C$34.00 to C$33.00 in a report on Wednesday, November 27th. BMO Capital Markets lowered their target price on shares of MEG Energy from C$37.00 to C$34.00 in a research note on Friday, October 4th. National Bankshares cut their price target on MEG Energy from C$35.00 to C$31.00 in a research note on Friday, September 27th. ATB Capital dropped their price objective on MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. Finally, TD Securities upped their price target on MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a report on Wednesday, November 6th.

Insiders Place Their Bets

In related news, Director Kimberley Elizabeth Lynch Proctor bought 3,500 shares of the stock in a transaction on Thursday, November 28th. The shares were bought at an average cost of C$25.06 per share, for a total transaction of C$87,713.85. 0.33% of the stock is currently owned by insiders.

MEG Energy Price Performance

MEG Energy stock opened at C$23.50 on Friday. The company’s 50 day moving average is C$25.96 and its two-hundred day moving average is C$26.94. The firm has a market cap of C$6.33 billion, a PE ratio of 11.19, a price-to-earnings-growth 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 has a 52-week low of C$22.79 and a 52-week high of C$33.70.

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

MEG Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Monday, December 16th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date is Monday, December 16th. MEG Energy’s dividend payout ratio is currently 19.05%.

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.