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

Shares of MEG Energy Corp. (TSE:MEG) have earned an average rating of “Hold” from the seven research firms that are covering the firm, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is C$30.95.

A number of brokerages recently issued reports on MEG. ATB Capital decreased their price objective on MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. Royal Bank of Canada lowered their price target on MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. National Bankshares raised their target price on shares of MEG Energy from C$27.00 to C$28.00 and gave the company a “sector perform” rating in a research note on Thursday, January 30th. Desjardins lowered shares of MEG Energy from a “buy” rating to a “hold” rating and reduced their price target for the stock from C$29.00 to C$26.50 in a research note on Wednesday. Finally, TD Securities lowered their price objective on shares of MEG Energy from C$33.00 to C$32.00 and set a “buy” rating on the stock in a research note on Friday, February 28th.

Insider Buying and Selling

In other news, Senior Officer Erik Alexander Alson sold 32,728 shares of MEG Energy stock in a transaction on Saturday, March 15th. The stock was 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 stock in a transaction dated Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total value of C$2,215,416.96. 0.33% of the stock is currently owned by company insiders.

MEG Energy Stock Performance

Shares of MEG opened at C$24.83 on Friday. The firm has a fifty day moving average of C$23.41 and a 200-day moving average of C$24.54. The company has a market cap of C$6.44 billion, a price-to-earnings ratio of 13.15, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. The company has a debt-to-equity ratio of 22.80, a quick ratio of 1.17 and a current ratio of 1.55. MEG Energy has a 1 year low of C$19.77 and a 1 year high of C$33.70.

MEG Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 15th will be given a $0.10 dividend. The ex-dividend date is Thursday, March 20th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.61%. MEG Energy’s dividend payout ratio (DPR) is 21.19%.

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.