Analysts Set MEG Energy Corp. (TSE:MEG) PT at C$32.27

Shares of MEG Energy Corp. (TSE:MEG) have received an average recommendation of “Moderate Buy” from the ten brokerages that are currently covering the company, MarketBeat reports. Five analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is C$32.27.

MEG has been the subject of a number of recent analyst reports. ATB Capital decreased their target price on shares of MEG Energy from C$37.00 to C$35.00 in a research report on Wednesday, November 27th. BMO Capital Markets decreased their target price on shares of MEG Energy from C$37.00 to C$34.00 in a research report on Friday, October 4th. TD Securities increased their target price on shares of 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, Royal Bank of Canada cut their price target on MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th.

Insider Buying and Selling

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

MEG Energy Stock Performance

MEG Energy stock opened at C$24.20 on Friday. The business has a 50 day moving average of C$24.05 and a 200-day moving average of C$25.66. MEG Energy has a 1 year low of C$22.02 and a 1 year high of C$33.70. The company has a debt-to-equity ratio of 26.35, a current ratio of 1.54 and a quick ratio of 1.17. The company has a market capitalization of C$6.52 billion, a P/E ratio of 11.52, a P/E/G ratio of 0.17 and a beta of 2.89.

MEG Energy (TSE:MEG) last released its earnings results 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). The firm had revenue of C$1.27 billion for the quarter, compared to analyst estimates of C$1.33 billion. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. On average, equities research analysts predict that MEG Energy will post 2.2734628 earnings per share for the current year.

MEG Energy Dividend Announcement

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

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.