MEG Energy (TSE:MEG) Price Target Cut to C$35.00

MEG Energy (TSE:MEG) had its price objective trimmed by Royal Bank of Canada from C$39.00 to C$35.00 in a report published on Tuesday morning, BayStreet.CA reports.

Other equities analysts have also issued research reports about the stock. TD Securities upgraded shares of MEG Energy from a hold rating to a strong-buy rating in a research report on Friday, June 7th. Scotiabank increased their target price on shares of MEG Energy from C$34.00 to C$35.00 in a research report on Friday, July 12th. Raymond James set a C$28.00 target price on shares of MEG Energy and gave the company a market perform rating in a research report on Wednesday, May 29th. Finally, Jefferies Financial Group decreased their target price on shares of MEG Energy from C$32.00 to C$26.00 and set a hold rating for the company in a research report on Monday, September 16th. Seven investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of C$33.09.

MEG Energy Stock Up 0.2 %

MEG Energy stock opened at C$25.71 on Tuesday. The company has a 50-day simple moving average of C$26.79 and a 200-day simple moving average of C$28.98. The firm has a market capitalization of C$6.93 billion, a P/E ratio of 12.24, a P/E/G ratio of 0.17 and a beta of 2.92. 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 has a one year low of C$22.79 and a one year high of C$33.70.

MEG Energy (TSE:MEG) last released its quarterly earnings results on Thursday, July 25th. The company reported C$0.86 EPS for the quarter, topping the consensus estimate of C$0.69 by C$0.17. The business had revenue of C$2.74 billion during the quarter, compared to analyst estimates of C$1.28 billion. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. As a group, equities analysts expect that MEG Energy will post 2.7951669 earnings per share for the current year.

MEG Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 15th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, September 17th. This represents a $0.40 annualized dividend and a dividend yield of 1.56%. MEG Energy’s dividend payout ratio (DPR) is 19.05%.

Insider Activity

In other news, Director Michael Mcallister acquired 7,400 shares of MEG Energy stock in a transaction on Tuesday, September 3rd. The stock was bought at an average cost of C$25.67 per share, with a total value of C$189,986.86. In other news, Director Michael Mcallister bought 7,400 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was bought at an average cost of C$25.67 per share, for a total transaction of C$189,986.86. Also, 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, with a total value of C$134,700.00. Insiders own 0.33% of the company’s stock.

About MEG Energy

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.