Insider Buying: MEG Energy Corp. (TSE:MEG) Director Acquires 3,500 Shares of Stock

MEG Energy Corp. (TSE:MEG) Director Kimberley Elizabeth Lynch Proctor purchased 3,500 shares of the stock in a transaction dated Thursday, November 28th. The shares were acquired at an average price of C$25.06 per share, for a total transaction of C$87,713.85.

MEG Energy Stock Performance

Shares of MEG stock traded up C$0.23 on Thursday, reaching C$25.05. The stock had a trading volume of 189,226 shares, compared to its average volume of 1,673,151. MEG Energy Corp. has a 12 month low of C$22.79 and a 12 month high of C$33.70. The company has a quick ratio of 1.17, a current ratio of 1.54 and a debt-to-equity ratio of 26.35. The firm has a market capitalization of C$6.75 billion, a price-to-earnings ratio of 11.82, a P/E/G ratio of 0.17 and a beta of 2.89. The firm’s 50-day moving average is C$26.11 and its two-hundred day moving average is C$27.33.

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

MEG Energy Announces Dividend

The firm also recently declared 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. The ex-dividend date is Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.60%. MEG Energy’s dividend payout ratio (DPR) is presently 19.05%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Royal Bank of Canada lowered their target price on shares of MEG Energy from C$34.00 to C$33.00 in a research note on Wednesday. TD Securities raised their price target on MEG Energy from C$35.00 to C$36.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. ATB Capital decreased their price objective on MEG Energy from C$37.00 to C$35.00 in a report on Wednesday. Jefferies Financial Group cut their target price 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, Scotiabank raised shares of MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price target for the company in a research note on Wednesday, September 25th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, MEG Energy presently has an average rating of “Hold” and an average price target of C$32.45.

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.