Raymond James Brokers Cut Earnings Estimates for MEG Energy

MEG Energy Corp. (TSE:MEG) – Raymond James dropped their FY2024 earnings per share (EPS) estimates for MEG Energy in a note issued to investors on Wednesday, November 6th. Raymond James analyst M. Barth now forecasts that the company will post earnings per share of $2.17 for the year, down from their previous forecast of $2.41. The consensus estimate for MEG Energy’s current full-year earnings is $2.27 per share. Raymond James also issued estimates for MEG Energy’s FY2026 earnings at $2.22 EPS.

A number of other brokerages have also commented on MEG. Scotiabank raised shares of MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price objective on the stock in a report on Wednesday, September 25th. BMO Capital Markets reduced their target price on MEG Energy from C$37.00 to C$34.00 in a research note on Friday, October 4th. TD Securities upped their price target on shares of MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a research note on Wednesday. Jefferies Financial Group lowered their price objective on MEG Energy from C$32.00 to C$26.00 and set a “hold” rating on the stock in a research report on Monday, September 16th. Finally, Royal Bank of Canada reduced their price target on MEG Energy from C$35.00 to C$34.00 in a research report on Thursday. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, MEG Energy currently has a consensus rating of “Hold” and an average price target of C$32.55.

MEG Energy Stock Down 3.6 %

Shares of TSE:MEG opened at C$26.13 on Friday. The company has a market capitalization of C$7.04 billion, a PE ratio of 12.44, a P/E/G ratio of 0.17 and a beta of 2.89. MEG Energy has a 52 week low of C$22.79 and a 52 week high of C$33.70. The company’s fifty day moving average is C$25.94 and its 200-day moving average is C$27.86. 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 (TSE:MEG) last issued its 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). The firm had revenue of C$1.27 billion during the quarter, compared to the consensus estimate of C$1.33 billion. MEG Energy had a return on equity of 12.99% and a net margin of 10.43%.

MEG Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th will be given a dividend of $0.10 per share. The ex-dividend date is Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a yield of 1.53%. MEG Energy’s payout ratio is 19.05%.

Insiders Place Their Bets

In related news, Director James D. Mcfarland purchased 5,000 shares of the firm’s stock in a transaction on Friday, August 30th. The shares were acquired at an average cost of C$26.94 per share, with a total value of C$134,700.00. In related news, Director Michael Mcallister purchased 7,400 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average price of C$25.67 per share, for a total transaction of C$189,986.86. Also, Director James D. Mcfarland acquired 5,000 shares of MEG Energy stock in a transaction on Friday, August 30th. The shares were purchased at an average price of C$26.94 per share, with a total value of C$134,700.00. 0.33% of the stock is owned by insiders.

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.