MEG Energy (TSE:MEG) Upgraded at Desjardins

Desjardins upgraded shares of MEG Energy (TSE:MEG) from a hold rating to a moderate buy rating in a research report report published on Tuesday morning,Zacks.com reports.

A number of other brokerages have also issued reports on MEG. BMO Capital Markets cut their price target on shares of MEG Energy from C$37.00 to C$34.00 in a report on Friday, October 4th. ATB Capital lowered their price objective on MEG Energy from C$37.00 to C$35.00 in a research report on Wednesday, November 27th. Royal Bank of Canada dropped their target price on MEG Energy from C$33.00 to C$31.00 in a research report on Tuesday, January 14th. Finally, TD Securities upped their target price 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. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of C$32.00.

MEG Energy Stock Performance

Shares of MEG stock opened at C$23.96 on Tuesday. The firm has a market capitalization of C$6.46 billion, a price-to-earnings ratio of 11.41, a PEG ratio of 0.17 and a beta of 2.89. The business’s 50-day moving average price is C$24.02 and its 200-day moving average price is C$25.64. The company has a current ratio of 1.54, a quick ratio of 1.17 and a debt-to-equity ratio of 26.35. MEG Energy has a 12 month low of C$22.02 and a 12 month high of C$33.70.

MEG Energy (TSE:MEG) last posted its quarterly earnings results 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). 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 during the quarter, compared to the consensus estimate of C$1.33 billion. Equities research analysts forecast that MEG Energy will post 2.2734628 EPS for the current year.

MEG Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Wednesday, January 15th were issued a $0.10 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.40 annualized dividend and a yield of 1.67%. MEG Energy’s dividend payout ratio (DPR) is presently 19.05%.

Insider Activity

In other MEG Energy news, Director Robert Ross Rooney acquired 8,500 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was purchased 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 company’s stock in a transaction that occurred on Thursday, November 28th. The stock was purchased at an average price of C$25.06 per share, for a total transaction of C$87,713.85. Over the last quarter, insiders purchased 12,805 shares of company stock worth $303,669. 0.33% of the stock is currently owned by corporate insiders.

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.