MEG Energy (TSE:MEG) Reaches New 1-Year Low – Time to Sell?

MEG Energy Corp. (TSE:MEG)’s stock price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as C$22.72 and last traded at C$22.85, with a volume of 132061 shares traded. The stock had previously closed at C$23.26.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. TD Securities lifted their price target on 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. Royal Bank of Canada reduced their target price on MEG Energy from C$34.00 to C$33.00 in a report on Wednesday, November 27th. National Bankshares lowered their price target on shares of MEG Energy from C$35.00 to C$31.00 in a report on Friday, September 27th. ATB Capital decreased their target price on shares of MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. Finally, Scotiabank raised shares of 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. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of C$32.45.

MEG Energy Trading Down 1.7 %

The stock’s 50 day simple moving average is C$25.70 and its 200 day simple moving average is C$26.78. The firm has a market cap of C$6.16 billion, a PE ratio of 11.08, a PEG ratio of 0.17 and a beta of 2.89. The company has a debt-to-equity ratio of 26.35, a quick ratio of 1.17 and a current ratio of 1.54.

MEG Energy (TSE:MEG) last released its earnings results on Tuesday, November 5th. The company reported C$0.62 EPS for the quarter, missing the consensus estimate of C$0.63 by C($0.01). MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. The business had revenue of C$1.27 billion for the quarter, compared to the consensus estimate of C$1.33 billion. On average, sell-side analysts forecast that MEG Energy Corp. will post 2.2734628 earnings per share for the current fiscal year.

MEG Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Wednesday, January 15th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.75%. The ex-dividend date is Monday, December 16th. MEG Energy’s dividend payout ratio is presently 19.05%.

Insiders Place Their Bets

In other MEG Energy news, Director Kimberley Elizabeth Lynch Proctor bought 3,500 shares of the business’s stock in a transaction that occurred on Thursday, November 28th. The shares were bought at an average cost of C$25.06 per share, with a total value of C$87,713.85. Insiders own 0.33% of the company’s stock.

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.