MEG Energy Corp. (TSE:MEG) Director Sells C$2,215,416.96 in Stock

MEG Energy Corp. (TSE:MEG) 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.

MEG Energy Stock Performance

Shares of MEG stock opened at C$24.85 on Friday. The company has a market capitalization of C$6.44 billion, a P/E ratio of 13.16, a P/E/G ratio of 0.17 and a beta of 2.89. The business’s 50 day moving average is C$23.41 and its two-hundred day moving average is C$24.54. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 22.80. MEG Energy Corp. has a 12-month low of C$19.77 and a 12-month high of C$33.70.

MEG Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 15th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $0.40 dividend on an annualized basis and a yield of 1.61%. MEG Energy’s dividend payout ratio is currently 21.19%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Desjardins lowered MEG Energy from a “buy” rating to a “hold” rating and cut their price objective for the company from C$29.00 to C$26.50 in a report on Wednesday. Royal Bank of Canada dropped their target price on MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. ATB Capital dropped their target price on MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. TD Securities dropped their target price on MEG Energy from C$33.00 to C$32.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Finally, National Bankshares raised their target price on MEG Energy from C$27.00 to C$28.00 and gave the stock a “sector perform” rating in a report on Thursday, January 30th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of C$30.95.

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.