MEG Energy (TSE:MEG) Price Target Cut to C$35.00 by Analysts at ATB Capital

MEG Energy (TSE:MEG) had its price target reduced by ATB Capital from C$37.00 to C$35.00 in a report published on Wednesday,BayStreet.CA reports.

MEG has been the topic of a number of other reports. National Bankshares decreased their target price on MEG Energy from C$35.00 to C$31.00 in a research report on Friday, September 27th. Scotiabank raised MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price target for the company in a report on Wednesday, September 25th. Jefferies Financial Group decreased their price objective on MEG Energy from C$32.00 to C$26.00 and set a “hold” rating on the stock in a research note on Monday, September 16th. Royal Bank of Canada cut their target price on shares of MEG Energy from C$34.00 to C$33.00 in a research note on Wednesday. Finally, BMO Capital Markets decreased their price target on shares of MEG Energy from C$37.00 to C$34.00 in a research note on Friday, October 4th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, MEG Energy presently has a consensus rating of “Hold” and a consensus target price of C$32.45.

MEG Energy Price Performance

MEG stock opened at C$24.82 on Wednesday. The business has a 50 day simple moving average of C$26.11 and a 200-day simple moving average of C$27.33. The company has a market capitalization of C$6.69 billion, a P/E ratio of 11.82, a PEG ratio of 0.17 and a beta of 2.89. MEG Energy has a twelve month low of C$22.79 and a twelve month high of C$33.70. The company has a current ratio of 1.54, a quick ratio of 1.17 and a debt-to-equity ratio of 26.35.

MEG Energy (TSE:MEG) last issued its quarterly earnings results on Tuesday, November 5th. The company reported C$0.62 earnings per share for the quarter, missing the consensus estimate of C$0.63 by C($0.01). MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. The company had revenue of C$1.27 billion for the quarter, compared to analyst estimates of C$1.33 billion. As a group, equities analysts anticipate that MEG Energy will post 2.2734628 EPS for the current year.

MEG Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Monday, December 16th will be paid a dividend of $0.10 per share. The ex-dividend date is Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a yield of 1.61%. MEG Energy’s payout ratio is currently 19.05%.

Insider Buying and Selling at MEG Energy

In other news, Director James D. Mcfarland bought 5,000 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was purchased at an average price of C$26.94 per share, for a total transaction of C$134,700.00. Also, Director Michael Mcallister purchased 7,400 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average price of C$25.67 per share, for a total transaction of C$189,986.86. 0.33% of the stock is currently owned by company insiders.

MEG Energy Company Profile

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.