MEG Energy Corp. (TSE:MEG) Given Consensus Rating of “Moderate Buy” by Brokerages

by · The Markets Daily

Shares of MEG Energy Corp. (TSE:MEG – Get Free Report) have been assigned an average recommendation of “Moderate Buy” from the eleven analysts that are covering the stock, Marketbeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is C$32.55.

MEG has been the topic of a number of recent analyst reports. National Bankshares lowered their target price on shares of MEG Energy from C$35.00 to C$31.00 in a report on Friday. Royal Bank of Canada dropped their target price on shares of MEG Energy from C$39.00 to C$35.00 in a report on Tuesday, September 17th. TD Securities upgraded MEG Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, June 7th. Jefferies Financial Group dropped 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 note on Monday, September 16th. Finally, Scotiabank upgraded MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 target price for the company in a research note on Wednesday.

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MEG Energy Price Performance

Shares of TSE MEG opened at C$24.91 on Friday. The company has a debt-to-equity ratio of 26.35, a current ratio of 1.54 and a quick ratio of 1.17. The business has a 50-day moving average of C$26.46 and a 200-day moving average of C$28.86. The stock has a market capitalization of C$6.71 billion, a price-to-earnings ratio of 11.86, a PEG ratio of 0.17 and a beta of 2.92. MEG Energy has a fifty-two week low of C$22.79 and a fifty-two week high of C$33.70.

MEG Energy (TSE:MEG – Get Free Report) last posted its quarterly earnings results on Thursday, July 25th. The company reported C$0.86 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.69 by C$0.17. MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. The firm had revenue of C$2.74 billion during the quarter, compared to the consensus estimate of C$1.28 billion. As a group, sell-side analysts predict that MEG Energy will post 2.2403101 earnings per share for the current fiscal year.

MEG Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 15th will be given a $0.10 dividend. The ex-dividend date is Tuesday, September 17th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.61%. MEG Energy’s payout ratio is 19.05%.

Insider Activity at MEG Energy

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

About MEG Energy

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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.

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