Michael Mcallister Buys 7,400 Shares of MEG Energy Corp. (TSE:MEG) Stock

MEG Energy Corp. (TSE:MEG) Director Michael Mcallister acquired 7,400 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average price of C$25.67 per share, with a total value of C$189,986.86.

MEG Energy Stock Performance

Shares of TSE MEG opened at C$24.27 on Friday. The company has a current ratio of 1.54, a quick ratio of 1.17 and a debt-to-equity ratio of 26.35. The company has a market capitalization of C$6.54 billion, a P/E ratio of 11.56, a P/E/G ratio of 0.17 and a beta of 2.92. MEG Energy Corp. has a 12 month low of C$22.79 and a 12 month high of C$33.70. The stock has a 50 day moving average of C$27.69 and a 200-day moving average of C$29.17.

MEG Energy (TSE:MEG) last announced its quarterly earnings results on Thursday, July 25th. The company reported C$0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.69 by C$0.17. MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. The business had revenue of C$2.74 billion during the quarter, compared to the consensus estimate of C$1.28 billion. As a group, equities research analysts predict that MEG Energy Corp. will post 2.4093357 EPS for the current year.

MEG Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 17th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, September 17th. This represents a $0.40 annualized dividend and a yield of 1.65%. MEG Energy’s dividend payout ratio is currently 19.05%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on MEG shares. Scotiabank raised their price target on shares of MEG Energy from C$34.00 to C$35.00 in a research note on Friday, July 12th. Raymond James set a C$28.00 target price on shares of MEG Energy and gave the company a “market perform” rating in a research report on Wednesday, May 29th. Jefferies Financial Group reduced their price objective on shares of MEG Energy from C$35.00 to C$32.00 and set a “hold” rating for the company in a research note on Monday, July 15th. Finally, TD Securities raised MEG Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, June 7th. Seven equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, MEG Energy presently has a consensus rating of “Hold” and a consensus target price of C$34.00.

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.