MEG Energy (TSE:MEG) Lowered to Hold Rating by Desjardins

Desjardins lowered shares of MEG Energy (TSE:MEG) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning,BayStreet.CA reports. Desjardins currently has C$26.50 price objective on the stock, down from their previous price objective of C$29.00.

A number of other research analysts also recently issued reports on MEG. TD Securities cut their price target on MEG Energy from C$33.00 to C$32.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Royal Bank of Canada cut their target price on MEG Energy from C$33.00 to C$31.00 in a research note on Tuesday, January 14th. ATB Capital decreased their price target on shares of MEG Energy from C$37.00 to C$35.00 in a research report on Wednesday, November 27th. Finally, National Bankshares lifted their price objective on shares of MEG Energy from C$27.00 to C$28.00 and gave the stock a “sector perform” rating in a research report on Thursday, January 30th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, MEG Energy currently has a consensus rating of “Hold” and an average target price of C$30.95.

MEG Energy Price Performance

TSE MEG opened at C$24.97 on Wednesday. The company has a market cap of C$6.47 billion, a PE ratio of 13.23, a P/E/G ratio of 0.17 and a beta of 2.89. The firm’s 50 day moving average price is C$23.41 and its 200-day moving average price is C$24.55. The company has a debt-to-equity ratio of 22.80, a quick ratio of 1.17 and a current ratio of 1.55. MEG Energy has a 52-week low of C$19.77 and a 52-week high of C$33.70.

MEG Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 15th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $0.40 dividend on an annualized basis and a yield of 1.60%. MEG Energy’s payout ratio is 21.19%.

Insiders Place Their Bets

In other news, Senior Officer Erik Alexander Alson sold 32,728 shares of the firm’s stock in a transaction dated Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total value of C$791,690.32. Also, Director Darlene Miriam Gates sold 91,584 shares of the company’s stock in a transaction that occurred on Saturday, March 15th. The shares were sold at an average price of C$24.19, for a total value of C$2,215,416.96. Corporate insiders own 0.33% of the company’s stock.

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.