BMO Capital Markets Cuts MEG Energy (TSE:MEG) Price Target to C$34.00

MEG Energy (TSE:MEG) had its target price trimmed by BMO Capital Markets from C$37.00 to C$34.00 in a research report report published on Friday morning, BayStreet.CA reports.

Several other research analysts have also issued reports on MEG. National Bankshares cut their price target on MEG Energy from C$35.00 to C$31.00 in a report on Friday, September 27th. TD Securities raised MEG Energy from a hold rating to a strong-buy rating in a research report on Friday, June 7th. Jefferies Financial Group dropped their price target on MEG Energy from C$32.00 to C$26.00 and set a hold rating on the stock in a report on Monday, September 16th. Scotiabank upgraded MEG Energy from a sector perform rating to an outperform rating and set a C$35.00 price target on the stock in a report on Wednesday, September 25th. Finally, Royal Bank of Canada lowered their target price on MEG Energy from C$39.00 to C$35.00 in a research note on Tuesday, September 17th. Six equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, MEG Energy has a consensus rating of Moderate Buy and an average price target of C$32.27.

MEG Energy Price Performance

Shares of MEG stock opened at C$27.69 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.54 and a debt-to-equity ratio of 26.35. MEG Energy has a twelve month low of C$22.79 and a twelve month high of C$33.70. The company has a market cap of C$7.46 billion, a P/E ratio of 13.19, a P/E/G ratio of 0.17 and a beta of 2.92. The business has a fifty day simple moving average of C$26.35 and a 200 day simple moving average of C$28.74.

MEG Energy (TSE:MEG) last issued its quarterly earnings results on Thursday, July 25th. The company reported C$0.86 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of C$2.74 billion during the quarter, compared to analysts’ expectations of C$1.28 billion. On average, sell-side analysts forecast that MEG Energy will post 2.2403101 EPS for the current fiscal year.

MEG Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 15th will be given a dividend of $0.10 per share. The ex-dividend date is Tuesday, September 17th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.44%. MEG Energy’s payout ratio is currently 19.05%.

Insider Activity

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

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.