Royal Bank of Canada Lowers MEG Energy (TSE:MEG) Price Target to C$34.00

MEG Energy (TSE:MEG) had its target price lowered by Royal Bank of Canada from C$35.00 to C$34.00 in a research report sent to investors on Thursday morning,BayStreet.CA reports.

Several other equities analysts have also recently weighed in on the company. BMO Capital Markets decreased their price objective on MEG Energy from C$37.00 to C$34.00 in a report on Friday, October 4th. Jefferies Financial Group decreased their price objective on MEG Energy from C$32.00 to C$26.00 and set a “hold” rating for the company in a report on Monday, September 16th. 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 report on Wednesday, September 25th. National Bankshares decreased their price objective on MEG Energy from C$35.00 to C$31.00 in a report on Friday, September 27th. Finally, TD Securities raised their price objective on MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of C$32.55.

MEG Energy Price Performance

MEG stock opened at C$26.13 on Thursday. The stock has a 50-day moving average price of C$25.94 and a two-hundred day moving average price of C$27.86. The stock has a market cap of C$7.04 billion, a PE ratio of 12.44, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. The company has a current ratio of 1.54, a quick ratio of 1.17 and a debt-to-equity ratio of 26.35. MEG Energy has a 1 year low of C$22.79 and a 1 year high of C$33.70.

MEG Energy (TSE:MEG) last released its earnings results on Tuesday, November 5th. The company reported C$0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C$0.63 by C($0.01). The firm 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%. Equities analysts forecast that MEG Energy will post 2.2734628 EPS for the current fiscal year.

MEG Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.40 annualized dividend and a yield of 1.53%. MEG Energy’s dividend payout ratio (DPR) is presently 19.05%.

Insiders Place Their Bets

In related news, Director James D. Mcfarland acquired 5,000 shares of the business’s stock in a transaction on Friday, August 30th. The stock was purchased at an average cost of C$26.94 per share, for a total transaction of C$134,700.00. In related news, Director Michael Mcallister acquired 7,400 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average cost of C$25.67 per share, for a total transaction of C$189,986.86. Also, Director James D. Mcfarland purchased 5,000 shares of the company’s stock in a transaction dated Friday, August 30th. The stock was acquired at an average price of C$26.94 per share, with a total value of C$134,700.00. Company insiders own 0.33% of the company’s stock.

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.