MEG Energy Corp. (TSE:MEG) Receives C$32.55 Average Price Target from Brokerages

MEG Energy Corp. (TSE:MEG) has received an average rating of “Hold” from the eleven analysts that are covering the stock, MarketBeat.com reports. Six analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is C$32.55.

MEG has been the topic of a number of recent research reports. Royal Bank of Canada decreased their price target on shares of MEG Energy from C$35.00 to C$34.00 in a research note on Thursday, November 7th. Scotiabank raised shares of MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 target price on the stock in a research note on Wednesday, September 25th. TD Securities lifted their price objective on MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Jefferies Financial Group lowered 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 cut their target price on MEG Energy from C$37.00 to C$34.00 in a research report on Friday, October 4th.

Insider Activity

In other news, Director Michael Mcallister bought 7,400 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average price 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 firm’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. 0.33% of the stock is currently owned by corporate insiders.

MEG Energy Price Performance

TSE:MEG opened at C$25.31 on Monday. 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 company has a fifty day moving average price of C$25.87 and a 200 day moving average price of C$27.70. The stock has a market cap of C$6.82 billion, a P/E ratio of 12.05, a PEG ratio of 0.17 and a beta of 2.89.

MEG Energy (TSE:MEG) last announced its quarterly earnings data 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 net margin of 10.43% and a return on equity of 12.99%. The company had revenue of C$1.27 billion for the quarter, compared to analyst estimates of C$1.33 billion. Analysts anticipate that MEG Energy will post 2.2734628 earnings per share for the current year.

MEG Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 16th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.58%. The ex-dividend date of this dividend is Monday, December 16th. MEG Energy’s payout ratio is presently 19.05%.

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.