MEG Energy Corp. (TSE:MEG) Receives C$30.95 Average Target Price from Brokerages

Shares of MEG Energy Corp. (TSE:MEG) have received an average rating of “Hold” from the seven ratings firms that are currently covering the firm, Marketbeat reports. Five investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is C$30.35.

MEG has been the subject of several research analyst reports. Scotiabank upgraded MEG Energy to a “strong-buy” rating in a research note on Wednesday, March 19th. CIBC decreased their price target on MEG Energy from C$32.00 to C$28.00 in a research note on Thursday, April 10th. National Bankshares upped their price objective on MEG Energy from C$27.00 to C$28.00 and gave the company a “sector perform” rating in a research note on Thursday, January 30th. Royal Bank of Canada decreased their target price on MEG Energy from C$33.00 to C$31.00 in a research report on Tuesday, January 14th. Finally, TD Securities lowered their target price on shares of MEG Energy from C$33.00 to C$32.00 and set a “buy” rating for the company in a research note on Friday, February 28th.

MEG Energy Trading Up 4.4 %

Shares of MEG opened at C$20.25 on Thursday. MEG Energy has a one year low of C$17.00 and a one year high of C$32.53. The stock has a 50-day moving average price of C$22.73 and a 200 day moving average price of C$24.14. The company has a debt-to-equity ratio of 22.80, a quick ratio of 1.17 and a current ratio of 1.55. The company has a market capitalization of C$5.25 billion, a P/E ratio of 10.73, a P/E/G ratio of 0.17 and a beta of 2.89.

MEG Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 15th were given a $0.10 dividend. The ex-dividend date was Thursday, March 20th. This represents a $0.40 dividend on an annualized basis and a yield of 1.98%. MEG Energy’s dividend payout ratio is presently 21.19%.

Insider Activity at MEG Energy

In other news, Director Darlene Miriam Gates sold 91,584 shares of MEG Energy stock in a transaction that occurred on 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. Also, Senior Officer Erik Alexander Alson sold 32,728 shares of the company’s stock in a transaction on Saturday, March 15th. The shares were sold at an average price of C$24.19, for a total value of C$791,690.32. Company insiders own 0.33% of the company’s stock.

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.