Brokerages Set MEG Energy Corp. (TSE:MEG) Price Target at C$32.45

Shares of MEG Energy Corp. (TSE:MEG) have earned a consensus recommendation of “Moderate Buy” from the ten brokerages that are covering the firm, Marketbeat reports. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is C$32.45.

Several analysts have recently commented on the stock. ATB Capital dropped their price objective on shares of MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. Scotiabank upgraded MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price objective for the company in a research note on Wednesday, September 25th. BMO Capital Markets lowered their target price on MEG Energy from C$37.00 to C$34.00 in a research note on Friday, October 4th. Royal Bank of Canada reduced their price target on MEG Energy from C$34.00 to C$33.00 in a research report on Wednesday, November 27th. Finally, TD Securities raised their price objective on shares of MEG Energy from C$35.00 to C$36.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th.

Insider Activity

In other news, Director Kimberley Elizabeth Lynch Proctor purchased 3,500 shares of the company’s stock in a transaction that occurred on Thursday, November 28th. The stock was purchased at an average cost of C$25.06 per share, for a total transaction of C$87,713.85. Also, 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 price of C$23.06 per share, for a total transaction of C$195,993.00. Insiders have purchased a total of 12,805 shares of company stock worth $303,669 over the last 90 days. 0.33% of the stock is currently owned by company insiders.

MEG Energy Trading Down 0.6 %

Shares of MEG Energy stock opened at C$23.84 on Tuesday. MEG Energy has a 12-month low of C$22.02 and a 12-month high of C$33.70. The firm’s 50 day simple moving average is C$24.67 and its two-hundred day simple moving average is C$26.23. 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$6.42 billion, a price-to-earnings ratio of 11.35, a PEG ratio of 0.17 and a beta of 2.89.

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

MEG Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Wednesday, January 15th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date of this dividend is Monday, December 16th. MEG Energy’s dividend payout ratio is presently 19.05%.

About MEG Energy

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.