MEG Energy Corp. (TSE:MEG) to Issue Quarterly Dividend of $0.10

MEG Energy Corp. (TSE:MEG) declared a quarterly dividend on Tuesday, November 5th, Zacks reports. Stockholders of record on Monday, December 16th will be paid a dividend of 0.10 per share on Wednesday, January 15th. This represents a $0.40 annualized dividend and a dividend yield of 1.46%. The ex-dividend date of this dividend is Monday, December 16th.

MEG Energy Trading Up 0.1 %

Shares of MEG stock traded up C$0.04 on Thursday, hitting C$27.37. 25,559 shares of the stock traded hands, compared to its average volume of 1,655,139. The firm’s 50-day moving average price is C$25.95 and its two-hundred day moving average price is C$27.93. 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$7.38 billion, a PE ratio of 13.01, a PEG ratio of 0.17 and a beta of 2.89. MEG Energy has a twelve month low of C$22.79 and a twelve month high of C$33.70.

MEG Energy (TSE:MEG) last posted its earnings results on Tuesday, November 5th. The company reported C$0.62 EPS 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 during the quarter, compared to analyst estimates of C$1.33 billion. As a group, analysts anticipate that MEG Energy will post 2.2734628 EPS for the current year.

Analyst Upgrades and Downgrades

MEG has been the topic of several research reports. Scotiabank raised shares of MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price target on the stock in a research report on Wednesday, September 25th. National Bankshares reduced their price target on shares of MEG Energy from C$35.00 to C$31.00 in a research report on Friday, September 27th. 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. Jefferies Financial Group cut their target price on shares of MEG Energy from C$32.00 to C$26.00 and set a “hold” rating on the stock in a research note on Monday, September 16th. Finally, TD Securities upped their target price on shares of MEG Energy from C$35.00 to C$36.00 and gave the stock a “buy” rating in a research note on Wednesday. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of C$32.64.

Insider Activity

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

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.