Brokerages Set MEG Energy Corp. (TSE:MEG) Price Target at C$32.27

MEG Energy Corp. (TSE:MEG) has been assigned a consensus recommendation of “Moderate Buy” from the ten analysts that are currently covering the company, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is C$32.27.

MEG has been the subject of several recent research reports. BMO Capital Markets cut their target price on shares of MEG Energy from C$37.00 to C$34.00 in a research report on Friday, October 4th. Royal Bank of Canada lowered their price target on shares of MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. ATB Capital lowered their price target on shares of MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. Finally, TD Securities lifted their price target on shares of MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a report on Wednesday, November 6th.

MEG Energy Trading Down 1.1 %

Shares of TSE MEG opened at C$23.29 on Friday. MEG Energy has a 1 year low of C$22.02 and a 1 year high of C$33.70. The stock has a market cap of C$6.28 billion, a P/E ratio of 11.09, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. The firm has a 50-day moving average of C$24.14 and a 200 day moving average of C$25.74. The company has a debt-to-equity ratio of 26.35, a current ratio of 1.54 and a quick ratio of 1.17.

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 analysts’ consensus estimates 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 firm had revenue of C$1.27 billion for the quarter, compared to the consensus estimate of C$1.33 billion. As a group, sell-side analysts expect that MEG Energy will post 2.2734628 EPS for the current fiscal year.

MEG Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Wednesday, January 15th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.72%. MEG Energy’s payout ratio is 19.05%.

Insider Transactions at MEG Energy

In other news, Director Kimberley Elizabeth Lynch Proctor acquired 3,500 shares of the firm’s stock in a transaction on Thursday, November 28th. The shares were bought at an average price 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 bought 12,805 shares of company stock valued at $303,669 in the last 90 days. 0.33% of the stock is currently owned by company insiders.

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.