MEG Energy Corp. (TSE:MEG) Receives C$30.35 Consensus Price Target from Analysts

Shares of MEG Energy Corp. (TSE:MEG) have been assigned an average recommendation of “Moderate Buy” from the six brokerages that are presently covering the stock, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation, one has issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is C$30.35.

Several research firms have recently commented on MEG. Scotiabank upgraded MEG Energy to a “strong-buy” rating in a research note on Wednesday, March 19th. National Bankshares upped their price target on shares of 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. CIBC decreased their price objective on shares of MEG Energy from C$32.00 to C$28.00 in a report on Thursday, April 10th. TD Securities cut their target price on shares of MEG Energy from C$33.00 to C$32.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Finally, Desjardins cut shares of MEG Energy from a “buy” rating to a “hold” rating and reduced their price target for the stock from C$29.00 to C$26.50 in a research report on Wednesday, March 19th.

MEG Energy Price Performance

Shares of TSE MEG opened at C$21.01 on Monday. MEG Energy has a fifty-two week low of C$17.00 and a fifty-two week high of C$31.71. The business has a 50 day moving average price of C$21.85 and a two-hundred day moving average price of C$23.34. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 22.80. The firm has a market cap of C$5.45 billion, a PE ratio of 11.13, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89.

MEG Energy Dividend Announcement

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

Insiders Place Their Bets

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

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.