Raymond James Predicts MEG Energy FY2029 Earnings

MEG Energy Corp. (TSE:MEG) – Analysts at Raymond James issued their FY2029 EPS estimates for MEG Energy in a research report issued on Wednesday, May 7th. Raymond James analyst M. Barth expects that the company will post earnings of $2.87 per share for the year. The consensus estimate for MEG Energy’s current full-year earnings is $2.27 per share.

MEG has been the subject of several other reports. CIBC reduced their price target on MEG Energy from C$32.00 to C$28.00 in a report on Thursday, April 10th. Royal Bank of Canada lowered their price target on shares of MEG Energy from C$33.00 to C$31.00 in a research note on Tuesday, January 14th. Desjardins cut shares of MEG Energy from a “buy” rating to a “hold” rating and reduced their price objective for the company from C$29.00 to C$26.50 in a research note on Wednesday, March 19th. National Bankshares upped their target price on shares of MEG Energy from C$27.00 to C$28.00 and gave the stock a “sector perform” rating in a research report on Thursday, January 30th. Finally, TD Securities reduced their price target on shares of MEG Energy from C$33.00 to C$32.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Four investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of C$30.35.

MEG Energy Price Performance

Shares of TSE:MEG opened at C$21.01 on Friday. MEG Energy has a 52 week low of C$17.00 and a 52 week high of C$31.71. The company has a 50-day moving average price of C$21.85 and a 200 day moving average price of C$23.38. The company has a market cap of C$5.45 billion, a P/E ratio of 11.13, a PEG ratio of 0.17 and a beta of 2.89. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 22.80.

Insider Transactions at MEG Energy

In other news, Senior Officer Erik Alexander Alson sold 32,728 shares of the business’s stock in a transaction that occurred on Saturday, March 15th. The shares were sold at an average price of C$24.19, for a total value of C$791,690.32. Also, Director Darlene Miriam Gates sold 91,584 shares of the firm’s stock in a transaction that occurred on Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total transaction of C$2,215,416.96. Insiders own 0.33% of the company’s stock.

MEG Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 15th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.90%. The ex-dividend date was Thursday, March 20th. MEG Energy’s payout ratio is 21.19%.

About MEG Energy

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.