MEG Energy Corp. (TSE:MEG) Receives Average Recommendation of “Hold” from Analysts

Shares of MEG Energy Corp. (TSE:MEG) have earned a consensus rating of “Hold” from the seven ratings firms that are currently covering the firm, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation, one has issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is C$30.95.

A number of research analysts have commented on the company. Royal Bank of Canada reduced their target price on MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. Desjardins cut MEG Energy from a “buy” rating to a “hold” rating and reduced their price objective for the stock from C$29.00 to C$26.50 in a research note on Wednesday, March 19th. Scotiabank upgraded shares of MEG Energy to a “strong-buy” rating in a research note on Wednesday, March 19th. National Bankshares raised their price target on shares of MEG Energy from C$27.00 to C$28.00 and gave the stock a “sector perform” rating in a research report on Thursday, January 30th. Finally, TD Securities decreased their price target on shares of MEG Energy from C$33.00 to C$32.00 and set a “buy” rating for the company in a report on Friday, February 28th.

MEG Energy Price Performance

Shares of MEG stock opened at C$21.20 on Thursday. The firm has a market cap of C$5.50 billion, a P/E ratio of 11.23, a P/E/G ratio of 0.17 and a beta of 2.89. MEG Energy has a 1-year low of C$17.00 and a 1-year high of C$33.70. The firm has a fifty day moving average of C$23.13 and a two-hundred day moving average of C$24.34. The company has a debt-to-equity ratio of 22.80, a current ratio of 1.55 and a quick ratio of 1.17.

MEG Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 15th will be given 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 1.89%. MEG Energy’s dividend payout ratio (DPR) is 21.19%.

Insider Transactions at MEG Energy

In other news, Senior Officer Erik Alexander Alson sold 32,728 shares of the firm’s stock in a transaction dated Saturday, March 15th. The shares were sold at an average price of C$24.19, for a total transaction of C$791,690.32. Also, Director Darlene Miriam Gates sold 91,584 shares of the business’s stock in a transaction that occurred on Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total transaction of C$2,215,416.96. 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.