MEG Energy Corp. (TSE:MEG) Receives C$31.40 Average Price Target from Analysts

MEG Energy Corp. (TSE:MEG) has been given an average recommendation of “Hold” by the seven brokerages that are covering the company, MarketBeat reports. Five analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is C$30.95.

A number of equities research analysts have commented on the company. Desjardins cut MEG Energy from a “buy” rating to a “hold” rating and lowered their target price for the company from C$29.00 to C$26.50 in a report on Wednesday. Royal Bank of Canada lowered their target price on MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. TD Securities lowered their target price on MEG Energy from C$33.00 to C$32.00 and set a “buy” rating on the stock in a report on Friday, February 28th. National Bankshares increased their target price on MEG Energy from C$27.00 to C$28.00 and gave the company a “sector perform” rating in a report on Thursday, January 30th. Finally, ATB Capital decreased their price objective on MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th.

Insider Activity at MEG Energy

In related news, Director Darlene Miriam Gates sold 91,584 shares of MEG Energy stock in a transaction on Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total value of C$2,215,416.96. Also, Senior Officer Erik Alexander Alson sold 32,728 shares of the firm’s stock in a transaction dated Saturday, March 15th. The shares were sold at an average price of C$24.19, for a total value of C$791,690.32. 0.33% of the stock is owned by insiders.

MEG Energy Price Performance

Shares of TSE:MEG opened at C$24.85 on Friday. The business’s fifty day moving average price is C$23.41 and its two-hundred day moving average price is C$24.54. The stock has a market cap of C$6.44 billion, a PE ratio of 13.16, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. The company has a debt-to-equity ratio of 22.80, a quick ratio of 1.17 and a current ratio of 1.55. MEG Energy has a one year low of C$19.77 and a one year high of C$33.70.

MEG Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 15th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend is Thursday, March 20th. MEG Energy’s payout ratio is currently 21.19%.

MEG Energy Company Profile

MEG Energy is engaged in in situ oil sands development and production in Alberta, Canada. As of March 2021, the company reported estimated net proved and probable reserves of 2 billion barrels of oil equivalent. Net production averaged 82,000 barrels per day in 2020.