MEG Energy Corp. (TSE:MEG) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of MEG Energy Corp. (TSE:MEG) have been assigned an average recommendation of “Moderate Buy” from the ten analysts that are covering the company, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is C$32.45.

A number of brokerages have recently commented on MEG. National Bankshares reduced their target price on shares of MEG Energy from C$35.00 to C$31.00 in a research report on Friday, September 27th. Jefferies Financial Group cut their price objective on shares of MEG Energy from C$32.00 to C$26.00 and set a “hold” rating for the company in a report on Monday, September 16th. TD Securities boosted their target price on MEG Energy from C$35.00 to C$36.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Scotiabank upgraded MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price target for the company in a research report on Wednesday, September 25th. Finally, BMO Capital Markets reduced their price objective on MEG Energy from C$37.00 to C$34.00 in a research report on Friday, October 4th.

MEG Energy Trading Up 1.4 %

Shares of MEG Energy stock opened at C$24.18 on Tuesday. MEG Energy has a twelve month low of C$22.02 and a twelve month high of C$33.70. The firm’s 50-day moving average price is C$24.64 and its 200 day moving average price is C$26.21. The company has a current ratio of 1.54, a quick ratio of 1.17 and a debt-to-equity ratio of 26.35. The firm has a market capitalization of C$6.52 billion, a PE ratio of 11.51, a P/E/G ratio of 0.17 and a beta of 2.89.

MEG Energy (TSE:MEG) last issued its quarterly 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 return on equity of 12.99% and a net margin of 10.43%. The firm had revenue of C$1.27 billion for the quarter, compared to analysts’ expectations of C$1.33 billion. On average, sell-side analysts predict that MEG Energy will post 2.2734628 EPS 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. Shareholders of record on Wednesday, January 15th will be given a $0.10 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a yield of 1.65%. MEG Energy’s payout ratio is currently 19.05%.

Insider Buying and Selling at MEG Energy

In other MEG Energy news, Director Robert Ross Rooney purchased 8,500 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were bought at an average cost of C$23.06 per share, for a total transaction of C$195,993.00. Also, Director Kimberley Elizabeth Lynch Proctor acquired 3,500 shares of the stock in a transaction dated Thursday, November 28th. The stock was acquired at an average cost of C$25.06 per share, with a total value of C$87,713.85. Insiders purchased a total of 12,805 shares of company stock worth $303,669 over the last three months. 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.