MEG Energy Corp. (TSE:MEG) Plans $0.10 Quarterly Dividend

MEG Energy Corp. (TSE:MEG) announced a quarterly dividend on Tuesday, September 17th, Zacks reports. Shareholders of record on Tuesday, October 15th will be paid a dividend of 0.10 per share on Tuesday, October 15th. This represents a $0.40 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date is Tuesday, September 17th.

MEG Energy Trading Up 1.6 %

MEG Energy stock opened at C$24.29 on Monday. 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 50-day simple moving average of C$27.14 and a 200 day simple moving average of C$29.10. The stock has a market capitalization of C$6.55 billion, a P/E ratio of 11.57, a PEG ratio of 0.17 and a beta of 2.92. MEG Energy has a 52 week low of C$22.79 and a 52 week high of C$33.70.

MEG Energy (TSE:MEG) last posted its earnings results on Thursday, July 25th. The company reported C$0.86 earnings per share for the quarter, topping analysts’ consensus estimates of C$0.69 by C$0.17. MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. The business had revenue of C$2.74 billion for the quarter, compared to analyst estimates of C$1.28 billion. Analysts expect that MEG Energy will post 2.7951669 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently commented on MEG. TD Securities raised shares of MEG Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, June 7th. Jefferies Financial Group decreased their target price on MEG Energy from C$35.00 to C$32.00 and set a “hold” rating on the stock in a research report on Monday, July 15th. Raymond James set a C$28.00 price target on MEG Energy and gave the stock a “market perform” rating in a report on Wednesday, May 29th. Finally, Scotiabank upped their price objective on MEG Energy from C$34.00 to C$35.00 in a report on Friday, July 12th. Seven research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of C$34.00.

Insider Activity

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