MEG Energy Corp. (TSE:MEG) Announces Quarterly Dividend of $0.10

MEG Energy Corp. (TSE:MEG) announced a quarterly dividend on Tuesday, November 5th, Zacks reports. Investors of record on Monday, December 16th will be given a dividend of 0.10 per share on Wednesday, January 15th. This represents a $0.40 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date is Monday, December 16th.

MEG Energy Price Performance

MEG Energy stock traded up C$0.04 during midday trading on Thursday, reaching C$27.37. 25,559 shares of the company were exchanged, compared to its average volume of 1,655,139. The company has a market capitalization of C$7.38 billion, a price-to-earnings ratio of 13.01, a P/E/G ratio of 0.17 and a beta of 2.89. The firm’s 50-day simple moving average is C$25.95 and its 200-day simple moving average is C$27.93. MEG Energy has a 1 year low of C$22.79 and a 1 year high of C$33.70. 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 announced its quarterly earnings results on Tuesday, November 5th. The company reported C$0.62 earnings per share for the quarter, missing analysts’ consensus estimates of C$0.63 by C($0.01). The company had revenue of C$1.27 billion during the quarter, compared to analyst estimates of C$1.33 billion. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. On average, analysts anticipate that MEG Energy will post 2.2734628 EPS for the current year.

Insider Buying and Selling at MEG Energy

In other news, Director James D. Mcfarland bought 5,000 shares of MEG Energy stock in a transaction on Friday, August 30th. The stock was purchased at an average cost of C$26.94 per share, with a total value of C$134,700.00. In related news, Director James D. Mcfarland purchased 5,000 shares of MEG Energy stock in a transaction dated Friday, August 30th. The stock was bought at an average cost of C$26.94 per share, with a total value of C$134,700.00. Also, Director Michael Mcallister purchased 7,400 shares of MEG Energy stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average cost of C$25.67 per share, with a total value of C$189,986.86. 0.33% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. TD Securities raised 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 note on Wednesday. Royal Bank of Canada dropped their price target on shares of MEG Energy from C$39.00 to C$35.00 in a research note on Tuesday, September 17th. Jefferies Financial Group dropped their target price on shares of MEG Energy from C$32.00 to C$26.00 and set a “hold” rating for the company in a research report on Monday, September 16th. Scotiabank raised shares of MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 target price for the company in a research report on Wednesday, September 25th. Finally, National Bankshares dropped their target price on shares of MEG Energy from C$35.00 to C$31.00 in a research report on Friday, September 27th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of C$32.64.

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.