Insider Selling: MEG Energy Corp. (TSE:MEG) Senior Officer Sells C$791,690.32 in Stock

MEG Energy Corp. (TSE:MEG) Senior Officer Erik Alexander Alson sold 32,728 shares of the business’s stock in a transaction on Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total transaction of C$791,690.32.

MEG Energy Stock Up 0.1 %

Shares of TSE:MEG opened at C$24.85 on Friday. The stock has a market capitalization of C$6.44 billion, a price-to-earnings ratio of 13.16, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. MEG Energy Corp. has a 1-year low of C$19.77 and a 1-year high of C$33.70. The company’s fifty day moving average is C$23.41 and its two-hundred day moving average is C$24.54. The company has a debt-to-equity ratio of 22.80, a quick ratio of 1.17 and a current ratio of 1.55.

MEG Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 15th will be issued 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 dividend yield of 1.61%. MEG Energy’s dividend payout ratio (DPR) is 21.19%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MEG. National Bankshares upped their price target on shares of MEG Energy from C$27.00 to C$28.00 and gave the company a “sector perform” rating in a report on Thursday, January 30th. TD Securities cut their price target on shares of 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. ATB Capital cut their price target on shares of MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. Royal Bank of Canada cut their price target on shares of MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. Finally, Desjardins cut shares of MEG Energy from a “buy” rating to a “hold” rating and cut their price target for the company from C$29.00 to C$26.50 in a report on Wednesday. Five analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of C$30.95.

About MEG Energy

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.