MEG Energy (TSE:MEG) Price Target Cut to C$33.00 by Analysts at Royal Bank of Canada

MEG Energy (TSE:MEG) had its price objective cut by Royal Bank of Canada from C$34.00 to C$33.00 in a report published on Wednesday,BayStreet.CA reports.

Several other research firms have also weighed in on MEG. National Bankshares dropped their price objective on shares of MEG Energy from C$35.00 to C$31.00 in a research note on Friday, September 27th. 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. TD Securities increased their price target on shares of MEG Energy from C$35.00 to C$36.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Jefferies Financial Group cut their price objective on MEG Energy from C$32.00 to C$26.00 and set a “hold” rating on the stock in a research note on Monday, September 16th. Finally, BMO Capital Markets decreased their price objective on shares of MEG Energy from C$37.00 to C$34.00 in a report on Friday, October 4th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, MEG Energy has an average rating of “Hold” and a consensus target price of C$32.45.

MEG Energy Trading Up 0.8 %

TSE MEG opened at C$25.20 on Wednesday. The firm’s 50 day moving average price is C$26.10 and its two-hundred day moving average price is C$27.25. The stock has a market cap of C$6.79 billion, a price-to-earnings ratio of 12.00, a PEG ratio of 0.17 and a beta of 2.89. MEG Energy has a twelve month low of C$22.79 and a twelve month 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 posted its quarterly earnings results on Tuesday, November 5th. The company reported C$0.62 earnings per share for the quarter, missing the consensus estimate of C$0.63 by C($0.01). MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. The business had revenue of C$1.27 billion for the quarter, compared to analyst estimates of C$1.33 billion. Equities analysts anticipate that MEG Energy will post 2.2734628 EPS for the current year.

MEG Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th will be issued a $0.10 dividend. The ex-dividend date is Monday, December 16th. This represents a $0.40 annualized dividend and a yield of 1.59%. MEG Energy’s dividend payout ratio (DPR) is 19.05%.

Insiders Place Their Bets

In related news, Director Michael Mcallister acquired 7,400 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were bought at an average cost of C$25.67 per share, with a total value of C$189,986.86. Also, Director Kimberley Elizabeth Lynch Proctor bought 3,500 shares of the company’s stock in a transaction dated Thursday, November 28th. The stock was bought at an average cost of C$25.06 per share, with a total value of C$87,713.85. Corporate 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.