MEG Energy (TSE:MEG) Cut to “Hold” at Desjardins

Desjardins cut shares of MEG Energy (TSE:MEG) from a buy rating to a hold rating in a report released on Wednesday,BayStreet.CA reports. They currently have C$26.50 price target on the stock, down from their prior price target of C$29.00.

A number of other research firms have also issued reports on MEG. ATB Capital dropped their target price on shares of MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. Royal Bank of Canada dropped their price objective on shares of MEG Energy from C$33.00 to C$31.00 in a research note on Tuesday, January 14th. TD Securities cut their price objective on shares of MEG Energy from C$33.00 to C$32.00 and set a “buy” rating for the company in a report on Friday, February 28th. Finally, National Bankshares boosted their target price on MEG Energy from C$27.00 to C$28.00 and gave the stock a “sector perform” rating in a report on Thursday, January 30th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of C$30.95.

MEG Energy Stock Performance

Shares of TSE:MEG opened at C$24.97 on Wednesday. The company has a debt-to-equity ratio of 22.80, a current ratio of 1.55 and a quick ratio of 1.17. MEG Energy has a 1 year low of C$19.77 and a 1 year high of C$33.70. The firm has a market capitalization of C$6.47 billion, a PE ratio of 13.23, a P/E/G ratio of 0.17 and a beta of 2.89. The business’s 50 day moving average price is C$23.41 and its 200-day moving average price is C$24.55.

MEG Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 15th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend is Thursday, March 20th. MEG Energy’s payout ratio is presently 21.19%.

Insider Activity at MEG Energy

In related news, Director Darlene Miriam Gates sold 91,584 shares of the firm’s stock in a transaction dated Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total transaction of C$2,215,416.96. Also, Senior Officer Erik Alexander Alson sold 32,728 shares of the business’s stock in a transaction dated Saturday, March 15th. The shares were sold at an average price of C$24.19, for a total transaction of C$791,690.32. 0.33% of the stock is currently owned by 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.