MEG Energy (TSE:MEG) Reaches New 52-Week Low – Here’s What Happened

MEG Energy Corp. (TSE:MEG)’s share price hit a new 52-week low on Monday . The company traded as low as C$22.02 and last traded at C$22.35, with a volume of 174620 shares changing hands. The stock had previously closed at C$22.18.

Wall Street Analyst Weigh In

A number of research firms recently commented on MEG. National Bankshares decreased their target price on MEG Energy from C$35.00 to C$31.00 in a research report on Friday, September 27th. TD Securities upped their price objective on MEG Energy from C$35.00 to C$36.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Scotiabank raised shares of MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 target price for the company in a report on Wednesday, September 25th. BMO Capital Markets decreased their price target on shares of MEG Energy from C$37.00 to C$34.00 in a research note on Friday, October 4th. Finally, Royal Bank of Canada dropped their price objective on shares of MEG Energy from C$34.00 to C$33.00 in a research note on Wednesday, November 27th. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of C$32.45.

MEG Energy Stock Up 1.2 %

The company has a debt-to-equity ratio of 26.35, a quick ratio of 1.17 and a current ratio of 1.54. The company’s fifty day moving average price is C$25.29 and its 200-day moving average price is C$26.58. The stock has a market cap of C$6.05 billion, a P/E ratio of 10.69, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89.

MEG Energy (TSE:MEG) last announced its quarterly earnings data on Tuesday, November 5th. The company reported C$0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.63 by C($0.01). MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. The firm had revenue of C$1.27 billion during the quarter, compared to the consensus estimate of C$1.33 billion. Equities analysts forecast that MEG Energy Corp. will post 2.2734628 EPS for the current year.

MEG Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Wednesday, January 15th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date of this dividend is Monday, December 16th. MEG Energy’s payout ratio is currently 19.05%.

Insider Buying and Selling at MEG Energy

In related news, Director Robert Ross Rooney acquired 8,500 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was bought at an average price of C$23.06 per share, for a total transaction of C$195,993.00. Also, Director Kimberley Elizabeth Lynch Proctor bought 3,500 shares of the company’s stock in a transaction on Thursday, November 28th. The stock was bought at an average price of C$25.06 per share, for a total transaction of C$87,713.85. Insiders have acquired 12,805 shares of company stock valued at $303,669 in the last quarter. 0.33% of the stock is owned by insiders.

MEG Energy Company Profile

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.