Raymond James Lowers Earnings Estimates for MEG Energy

MEG Energy Corp. (TSE:MEG) – Research analysts at Raymond James lowered their FY2024 earnings per share estimates for MEG Energy in a note issued to investors on Wednesday, November 6th. Raymond James analyst M. Barth now forecasts that the company will post earnings per share of $2.17 for the year, down from their prior estimate of $2.41. The consensus estimate for MEG Energy’s current full-year earnings is $2.27 per share. Raymond James also issued estimates for MEG Energy’s FY2026 earnings at $2.22 EPS.

Several other analysts have also issued reports on MEG. National Bankshares dropped their target price on MEG Energy from C$35.00 to C$31.00 in a report on Friday, September 27th. Royal Bank of Canada decreased their target price on shares of MEG Energy from C$35.00 to C$34.00 in a research note on Thursday. Scotiabank raised shares of MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price target on the stock in a research report on Wednesday, September 25th. BMO Capital Markets decreased their price objective on shares of MEG Energy from C$37.00 to C$34.00 in a research report on Friday, October 4th. Finally, Jefferies Financial Group cut 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 note on Monday, September 16th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of C$32.55.

MEG Energy Trading Down 3.6 %

Shares of TSE:MEG opened at C$26.13 on Friday. The stock has a market capitalization of C$7.04 billion, a PE ratio of 12.44, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. The company’s 50-day moving average price is C$25.94 and its two-hundred day moving average price is C$27.86. The company has a debt-to-equity ratio of 26.35, a current ratio of 1.54 and a quick ratio of 1.17. MEG Energy has a one year low of C$22.79 and a one year high of C$33.70.

MEG Energy (TSE:MEG) last posted 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 business 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%.

MEG Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 16th will be paid a dividend of $0.10 per share. 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 1.53%. MEG Energy’s dividend payout ratio (DPR) is currently 19.05%.

Insider Buying and Selling

In other MEG Energy news, Director Michael Mcallister purchased 7,400 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of C$25.67 per share, with a total value of C$189,986.86. In other news, Director James D. Mcfarland acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was acquired at an average price of C$26.94 per share, with a total value of C$134,700.00. Also, Director Michael Mcallister bought 7,400 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average cost of C$25.67 per share, for a total transaction of C$189,986.86. 0.33% of the stock is currently 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.