MEG Energy (TSE:MEG – Free Report) had its price target reduced by Royal Bank of Canada from C$39.00 to C$35.00 in a report issued on Tuesday morning, BayStreet.CA reports.
A number of other brokerages have also recently issued reports on MEG. Jefferies Financial Group dropped their price objective 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. TD Securities raised shares of MEG Energy from a hold rating to a strong-buy rating in a report on Friday, June 7th. Raymond James set a C$28.00 target price on shares of MEG Energy and gave the stock a market perform rating in a report on Wednesday, May 29th. Finally, Scotiabank upped their target price on shares of MEG Energy from C$34.00 to C$35.00 in a report on Friday, July 12th. Seven 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 stock. According to data from MarketBeat.com, MEG Energy presently has an average rating of Hold and a consensus price target of C$33.09.
Get Our Latest Stock Analysis on MEG
MEG Energy Price Performance
MEG Energy (TSE:MEG – Get Free Report) last announced its quarterly earnings data on Thursday, July 25th. The company reported C$0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$0.69 by C$0.17. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. The company had revenue of C$2.74 billion during the quarter, compared to analysts’ expectations of C$1.28 billion. Analysts anticipate that MEG Energy will post 2.7951669 earnings per share for the current year.
MEG Energy Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 15th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.61%. The ex-dividend date is Tuesday, September 17th. MEG Energy’s dividend payout ratio (DPR) is presently 19.05%.
Insider Activity
In other MEG Energy news, Director Michael Mcallister bought 7,400 shares of MEG Energy stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average price of C$25.67 per share, with a total value of C$189,986.86. In other news, Director Michael Mcallister purchased 7,400 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of C$25.67 per share, for a total transaction of C$189,986.86. Also, Director James D. Mcfarland purchased 5,000 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was purchased at an average price of C$26.94 per share, for a total transaction of C$134,700.00. 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.
See Also
- Five stocks we like better than MEG Energy
- 3 Grocery Stocks That Can Help Take a Bite Out of Inflation
- Galmed Pharmaceuticals Surges 400%: What’s Behind the Explosion?
- What is the Dow Jones Industrial Average (DJIA)?
- Gold Hits New All-Time Highs: 3 Stocks to Ride the Surge
- How to Invest in Small Cap Stocks
- Intel: Why It’s Time to Reconsider This Beaten-Down Chipmaker
Receive News & Ratings for MEG Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MEG Energy and related companies with MarketBeat.com's FREE daily email newsletter.