Brokerages Set MEG Energy Corp. (TSE:MEG) Price Target at C$33.09

Shares of MEG Energy Corp. (TSE:MEG) have been assigned a consensus rating of “Hold” from the eleven brokerages that are covering the company, Marketbeat reports. Seven investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is C$33.09.

MEG has been the subject of several analyst reports. Jefferies Financial Group lowered their price target on shares of 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. Royal Bank of Canada lowered their price target on shares of MEG Energy from C$39.00 to C$35.00 in a report on Tuesday, September 17th. Scotiabank boosted their price target on shares of MEG Energy from C$34.00 to C$35.00 in a report on Friday, July 12th. Raymond James set a C$28.00 price target on shares of MEG Energy and gave the stock a “market perform” rating in a report on Wednesday, May 29th. Finally, TD Securities upgraded shares of MEG Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, June 7th.

Insider Activity at MEG Energy

In other MEG Energy news, Director Michael Mcallister purchased 7,400 shares of MEG Energy stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price of C$25.67 per share, for a total transaction of C$189,986.86. In other news, Director James D. Mcfarland acquired 5,000 shares of the business’s stock in a transaction on Friday, August 30th. The stock was bought 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 business’s stock in a transaction on Tuesday, September 3rd. The shares were purchased 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 owned by insiders.

MEG Energy Trading Up 1.3 %

Shares of MEG stock opened at C$26.01 on Friday. The company has a debt-to-equity ratio of 26.35, a quick ratio of 1.17 and a current ratio of 1.54. The stock has a market capitalization of C$7.01 billion, a P/E ratio of 12.39, a price-to-earnings-growth ratio of 0.17 and a beta of 2.92. The company has a 50 day moving average price of C$26.69 and a 200 day moving average price of C$28.94. MEG Energy has a fifty-two week low of C$22.79 and a fifty-two week high of C$33.70.

MEG Energy (TSE:MEG) last posted its quarterly earnings results on Thursday, July 25th. The company reported C$0.86 EPS for the quarter, topping the consensus estimate of C$0.69 by C$0.17. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. The company had revenue of C$2.74 billion during the quarter, compared to analysts’ expectations of C$1.28 billion. Equities research analysts predict that MEG Energy will post 2.7951669 EPS for the current fiscal year.

MEG Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 15th will be given a $0.10 dividend. The ex-dividend date is Tuesday, September 17th. This represents a $0.40 annualized dividend and a yield of 1.54%. MEG Energy’s dividend payout ratio (DPR) is 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.