MEG Energy (TSE:MEG) Stock Rating Upgraded by Desjardins

Desjardins upgraded shares of MEG Energy (TSE:MEG) from a hold rating to a moderate buy rating in a report issued on Tuesday morning,Zacks.com reports.

A number of other research firms also recently issued reports on MEG. BMO Capital Markets decreased their price target on shares of MEG Energy from C$37.00 to C$34.00 in a research note on Friday, October 4th. TD Securities upped their target price on shares of MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Royal Bank of Canada dropped their price target on MEG Energy from C$33.00 to C$31.00 in a research report on Tuesday, January 14th. Finally, ATB Capital decreased their price objective on MEG Energy from C$37.00 to C$35.00 in a research report on Wednesday, November 27th. Four investment 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, the stock presently has an average rating of “Moderate Buy” and a consensus target price of C$32.27.

MEG Energy Trading Up 3.6 %

Shares of MEG Energy stock opened at C$24.20 on Tuesday. 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$6.52 billion, a price-to-earnings ratio of 11.52, a PEG ratio of 0.17 and a beta of 2.89. MEG Energy has a twelve month low of C$22.02 and a twelve month high of C$33.70. The business has a 50-day moving average price of C$24.05 and a 200-day moving average price of C$25.66.

MEG Energy (TSE:MEG) last released its quarterly earnings data 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). The firm had revenue of C$1.27 billion during the quarter, compared to the consensus estimate of C$1.33 billion. MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. Equities research analysts anticipate that MEG Energy will post 2.2734628 EPS for the current fiscal year.

MEG Energy Announces Dividend

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

Insider Buying and Selling at MEG Energy

In other news, Director Kimberley Elizabeth Lynch Proctor acquired 3,500 shares of MEG Energy 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. Also, Director Robert Ross Rooney bought 8,500 shares of the firm’s stock in a transaction on Wednesday, December 18th. The shares were purchased at an average cost of C$23.06 per share, with a total value of C$195,993.00. Insiders have acquired 12,805 shares of company stock valued at $303,669 in the last quarter. 0.33% of the stock is owned by 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.