MEG Energy Corp. (TSE:MEG) Receives C$32.45 Average Target Price from Brokerages

MEG Energy Corp. (TSE:MEG) has received an average recommendation of “Moderate Buy” from the ten analysts that are currently covering the company, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is C$32.45.

MEG has been the topic of several research reports. TD Securities upped 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, November 6th. National Bankshares cut their target price on MEG Energy from C$35.00 to C$31.00 in a research report on Friday, September 27th. Royal Bank of Canada lowered their price target on MEG Energy from C$34.00 to C$33.00 in a research report on Wednesday, November 27th. Jefferies Financial Group cut their price target on shares of MEG Energy from C$32.00 to C$26.00 and set a “hold” rating on the stock in a report on Monday, September 16th. Finally, BMO Capital Markets cut their price objective on MEG Energy from C$37.00 to C$34.00 in a research report on Friday, October 4th.

MEG Energy Stock Up 1.7 %

MEG Energy stock opened at C$23.99 on Tuesday. The company has a market capitalization of C$6.47 billion, a PE ratio of 11.42, a PEG ratio of 0.17 and a beta of 2.89. MEG Energy has a 12-month low of C$22.02 and a 12-month high of C$33.70. The firm’s fifty day moving average is C$24.71 and its 200 day moving average is C$26.26. The company has a quick ratio of 1.17, a current ratio of 1.54 and a debt-to-equity ratio of 26.35.

MEG Energy (TSE:MEG) last announced its quarterly earnings data 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). The company had revenue of C$1.27 billion for 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%. As a group, sell-side analysts predict that MEG Energy will post 2.2734628 EPS for the current fiscal year.

MEG Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Wednesday, January 15th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date of this dividend is Monday, December 16th. MEG Energy’s payout ratio is currently 19.05%.

Insider Activity at MEG Energy

In other news, Director Robert Ross Rooney acquired 8,500 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was bought at an average cost of C$23.06 per share, for a total transaction of C$195,993.00. Also, Director Kimberley Elizabeth Lynch Proctor bought 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, November 28th. The shares were purchased at an average cost of C$25.06 per share, for a total transaction of C$87,713.85. In the last ninety days, insiders acquired 12,805 shares of company stock worth $303,669. 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.