MEG Energy (TSE:MEG) Given New C$35.00 Price Target at ATB Capital

MEG Energy (TSE:MEG) had its target price decreased by ATB Capital from C$37.00 to C$35.00 in a research report sent to investors on Wednesday,BayStreet.CA reports.

A number of other research analysts have also commented on the company. 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 report on Monday, September 16th. BMO Capital Markets dropped their price objective on MEG Energy from C$37.00 to C$34.00 in a research note on Friday, October 4th. National Bankshares reduced their price target on shares of MEG Energy from C$35.00 to C$31.00 in a research report on Friday, September 27th. Scotiabank upgraded 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 report on Wednesday, September 25th. Finally, Royal Bank of Canada decreased their price objective on shares of MEG Energy from C$34.00 to C$33.00 in a report on Wednesday. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, MEG Energy has an average rating of “Hold” and a consensus price target of C$32.45.

MEG Energy Price Performance

MEG stock opened at C$24.82 on Wednesday. MEG Energy has a one year low of C$22.79 and a one year high of C$33.70. The company has a current ratio of 1.54, a quick ratio of 1.17 and a debt-to-equity ratio of 26.35. The firm has a market capitalization of C$6.69 billion, a PE ratio of 11.82, a P/E/G ratio of 0.17 and a beta of 2.89. The firm has a 50-day moving average of C$26.11 and a two-hundred day moving average of C$27.33.

MEG Energy (TSE:MEG) last released 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). 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 analyst estimates of C$1.33 billion. On average, analysts forecast 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. Shareholders of record on Monday, December 16th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend is Monday, December 16th. MEG Energy’s dividend payout ratio is presently 19.05%.

Insider Activity at MEG Energy

In other news, Director James D. Mcfarland bought 5,000 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The shares were acquired at an average price of C$26.94 per share, for a total transaction of C$134,700.00. Also, Director Michael Mcallister acquired 7,400 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average price of C$25.67 per share, with a total value of C$189,986.86. 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.