MEG Energy (TSE:MEG) PT Lowered to C$26.00

MEG Energy (TSE:MEG) had its price objective trimmed by Jefferies Financial Group from C$32.00 to C$26.00 in a research note issued to investors on Monday morning, BayStreet.CA reports. The firm currently has a hold rating on the stock.

Several other research firms have also weighed in on MEG. Scotiabank increased their price objective on shares of MEG Energy from C$34.00 to C$35.00 in a research note on Friday, July 12th. Raymond James set a C$28.00 price objective on shares of MEG Energy and gave the stock a market perform rating in a research note on Wednesday, May 29th. Finally, TD Securities upgraded shares of MEG Energy from a hold rating to a strong-buy rating in a research note on Friday, June 7th. Seven analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of C$33.09.

MEG Energy Stock Performance

Shares of MEG Energy stock opened at C$25.66 on Monday. The firm has a market cap of C$6.92 billion, a PE ratio of 12.22, a price-to-earnings-growth ratio of 0.17 and a beta of 2.92. The firm’s 50-day simple moving average is C$26.84 and its 200-day simple moving average is C$29.00. The company has a debt-to-equity ratio of 26.35, a quick ratio of 1.17 and a current ratio of 1.54. 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 issued its earnings results on Thursday, July 25th. The company reported C$0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$0.69 by C$0.17. The business had revenue of C$2.74 billion for the quarter, compared to analyst estimates of C$1.28 billion. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. Equities analysts forecast that MEG Energy will post 2.7951669 earnings per share for the current fiscal year.

MEG Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 15th will be issued a dividend of $0.10 per share. The ex-dividend date is Tuesday, September 17th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.56%. MEG Energy’s dividend payout ratio is currently 19.05%.

Insider Buying and Selling at MEG Energy

In related news, Director James D. Mcfarland purchased 5,000 shares of MEG Energy stock in a transaction dated Friday, August 30th. The stock was acquired at an average cost of C$26.94 per share, with a total value of C$134,700.00. In other MEG Energy news, Director Michael Mcallister acquired 7,400 shares of the business’s stock in a transaction that occurred 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. Also, Director James D. Mcfarland acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The shares were acquired at an average cost of C$26.94 per share, for a total transaction 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.