MEG Energy (TSE:MEG) Rating Increased to Moderate Buy at Desjardins

Desjardins upgraded shares of MEG Energy (TSE:MEG) from a hold rating to a moderate buy rating in a research note issued to investors on Tuesday,Zacks.com reports.

Other analysts also recently issued reports about the stock. Royal Bank of Canada cut their price objective on shares of MEG Energy from C$33.00 to C$31.00 in a research report on Tuesday, January 14th. BMO Capital Markets reduced their price target on shares of MEG Energy from C$37.00 to C$34.00 in a research report on Friday, October 4th. TD Securities upped their price objective on MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Finally, ATB Capital reduced their target price on MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, MEG Energy currently has a consensus rating of “Moderate Buy” and an average target price of C$32.27.

MEG Energy Price Performance

MEG opened at C$24.20 on Tuesday. MEG Energy has a 12-month low of C$22.02 and a 12-month high of C$33.70. The company has a market cap of C$6.52 billion, a price-to-earnings ratio of 11.52, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. The stock has a fifty day simple moving average of C$24.05 and a two-hundred day simple moving average of C$25.66. 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 (TSE:MEG) last posted 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 company had revenue of C$1.27 billion for the quarter, compared to the consensus estimate of C$1.33 billion. Research analysts predict that MEG Energy will post 2.2734628 earnings per share for the current fiscal year.

MEG Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Wednesday, January 15th were given a $0.10 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.40 annualized dividend and a yield of 1.65%. MEG Energy’s payout ratio is 19.05%.

Insider Buying and Selling at MEG Energy

In related news, Director Kimberley Elizabeth Lynch Proctor acquired 3,500 shares of the stock in a transaction dated Thursday, November 28th. The shares were purchased at an average cost of C$25.06 per share, with a total value of C$87,713.85. Also, Director Robert Ross Rooney acquired 8,500 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were bought at an average price of C$23.06 per share, with a total value of C$195,993.00. Insiders bought a total of 12,805 shares of company stock worth $303,669 in the last three months. 0.33% of the stock is currently owned by company insiders.

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.