MEG Energy (TSE:MEG) Hits New 1-Year High – Here’s Why

MEG Energy Corp. (TSE:MEG)’s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as C$30.77 and last traded at C$30.78, with a volume of 300888 shares changing hands. The stock had previously closed at C$30.29.

Analysts Set New Price Targets

MEG has been the subject of a number of research reports. Desjardins cut MEG Energy from a “hold” rating to a “tender” rating and set a C$28.00 price target for the company. in a research note on Monday, August 25th. Atb Cap Markets cut MEG Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 25th. Finally, TD Securities downgraded MEG Energy from a “buy” rating to a “sell” rating and dropped their target price for the company from C$30.00 to C$28.00 in a research report on Wednesday, October 22nd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of C$29.67.

MEG Energy Stock Up 1.6%

The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 22.80. The stock’s 50-day moving average price is C$29.06 and its 200-day moving average price is C$26.61. The stock has a market cap of C$7.82 billion, a price-to-earnings ratio of 14.72, a P/E/G ratio of 0.17 and a beta of 0.45.

MEG Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Wednesday, October 15th were paid a dividend of $0.11 per share. This is a boost from MEG Energy’s previous quarterly dividend of $0.10. This represents a $0.44 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend was Friday, September 12th. MEG Energy’s payout ratio is currently 19.14%.

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.