MEG Energy Corp. (TSE:MEG) Receives C$32.45 Average Price Target from Analysts

Shares of MEG Energy Corp. (TSE:MEG) have earned an average rating of “Moderate Buy” from the ten ratings firms that are covering the company, Marketbeat.com reports. Five research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is C$32.45.

MEG has been the subject of a number of recent research reports. 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. Jefferies Financial Group reduced their price objective on shares of MEG Energy from C$32.00 to C$26.00 and set a “hold” rating for the company in a research note on Monday, September 16th. National Bankshares cut their price target on shares of MEG Energy from C$35.00 to C$31.00 in a report on Friday, September 27th. ATB Capital decreased their price objective on MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. Finally, Scotiabank raised MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price objective for the company in a research report on Wednesday, September 25th.

MEG Energy Price Performance

Shares of MEG opened at C$24.18 on Tuesday. The company has a debt-to-equity ratio of 26.35, a quick ratio of 1.17 and a current ratio of 1.54. The company has a 50 day moving average price of C$24.64 and a 200-day moving average price of C$26.21. MEG Energy has a fifty-two week low of C$22.02 and a fifty-two week high of C$33.70. The stock has a market capitalization of C$6.52 billion, a PE ratio of 11.51, a PEG ratio of 0.17 and a beta of 2.89.

MEG Energy (TSE:MEG) last announced its earnings results on Tuesday, November 5th. The company reported C$0.62 earnings per share (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 for the quarter, compared to the consensus estimate of C$1.33 billion. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. Equities analysts predict that MEG Energy will post 2.2734628 earnings per share for the current fiscal year.

MEG Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Wednesday, January 15th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.65%. MEG Energy’s payout ratio is currently 19.05%.

Insider Buying and Selling

In other news, Director Robert Ross Rooney acquired 8,500 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were acquired at an average price of C$23.06 per share, with a total value of C$195,993.00. Also, Director Kimberley Elizabeth Lynch Proctor bought 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, November 28th. The stock was purchased at an average price of C$25.06 per share, with a total value of C$87,713.85. Insiders acquired a total of 12,805 shares of company stock valued at $303,669 over the last 90 days. Insiders own 0.33% of the company’s stock.

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.