MEG Energy (TSE:MEG) Lowered to “Hold” Rating by Desjardins

Desjardins lowered shares of MEG Energy (TSE:MEG) from a buy rating to a hold rating in a report published on Wednesday morning, Marketbeat Ratings reports. Desjardins currently has C$26.50 target price on the stock, down from their previous target price of C$29.00.

Several other equities analysts have also issued reports on the company. Royal Bank of Canada cut their target price on MEG Energy from C$33.00 to C$31.00 in a research note on Tuesday, January 14th. National Bankshares lifted their target price on 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. TD Securities cut their target price on 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. Finally, ATB Capital cut their target price on MEG Energy from C$37.00 to C$35.00 in a research note on Wednesday, November 27th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, MEG Energy currently has an average rating of “Hold” and an average target price of C$30.95.

MEG Energy Price Performance

MEG opened at C$24.85 on Wednesday. The business’s 50-day moving average is C$23.41 and its two-hundred day moving average is C$24.54. MEG Energy has a 1 year low of C$19.77 and a 1 year high of C$33.70. The company has a debt-to-equity ratio of 22.80, a current ratio of 1.55 and a quick ratio of 1.17. The firm has a market capitalization of C$6.44 billion, a PE ratio of 13.16, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89.

MEG Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 15th will be paid a dividend of $0.10 per share. 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 payout ratio is 21.19%.

Insider Transactions at MEG Energy

In other news, Senior Officer Erik Alexander Alson sold 32,728 shares of the company’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$791,690.32. Also, Director Darlene Miriam Gates sold 91,584 shares of the company’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 value of C$2,215,416.96. Insiders own 0.33% of the company’s stock.

MEG Energy Company Profile

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.