Royal Bank of Canada Cuts MEG Energy (TSE:MEG) Price Target to C$34.00

MEG Energy (TSE:MEG) had its price objective cut by Royal Bank of Canada from C$35.00 to C$34.00 in a report published on Thursday morning,BayStreet.CA reports.

A number of other brokerages have also weighed in on MEG. TD Securities boosted their price objective on shares of MEG Energy from C$35.00 to C$36.00 and gave the stock a “buy” rating in a report on Wednesday. BMO Capital Markets lowered their price objective on shares of MEG Energy from C$37.00 to C$34.00 in a report on Friday, October 4th. Jefferies Financial Group lowered 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 report on Monday, September 16th. Scotiabank upgraded shares of MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price objective for the company in a report on Wednesday, September 25th. Finally, National Bankshares lowered their price objective on shares of MEG Energy from C$35.00 to C$31.00 in a report on Friday, September 27th. 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, the stock presently has a consensus rating of “Hold” and a consensus price target of C$32.55.

MEG Energy Price Performance

MEG stock opened at C$26.13 on Thursday. 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. The stock has a market cap of C$7.04 billion, a PE ratio of 12.44, a P/E/G ratio of 0.17 and a beta of 2.89. The firm has a 50 day simple moving average of C$25.94 and a two-hundred day simple moving average of C$27.86.

MEG Energy (TSE:MEG) last released its quarterly earnings results on Tuesday, November 5th. The company reported C$0.62 EPS for the quarter, missing analysts’ consensus estimates of C$0.63 by C($0.01). MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. The company had revenue of C$1.27 billion during the quarter, compared to analysts’ expectations of C$1.33 billion. On average, analysts predict that MEG Energy will post 2.2734628 EPS for the current fiscal year.

MEG Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Monday, December 16th will be issued 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 yield of 1.53%. MEG Energy’s dividend payout ratio is currently 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 stock was acquired at an average cost of C$25.67 per share, for a total transaction of C$189,986.86. 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 purchased at an average cost of C$25.67 per share, with a total value of C$189,986.86. Also, Director James D. Mcfarland bought 5,000 shares of MEG Energy stock in a transaction dated Friday, August 30th. The stock was acquired at an average cost of C$26.94 per share, for a total transaction of C$134,700.00. Company 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.