MEG Energy Corp. (TSE:MEG) Receives C$34.00 Consensus Price Target from Analysts

MEG Energy Corp. (TSE:MEG) has been assigned an average rating of “Hold” from the eleven research firms that are covering the company, Marketbeat.com reports. Seven investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is C$34.00.

MEG has been the topic of a number of recent research reports. TD Securities upgraded MEG Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 7th. Raymond James set a C$28.00 price objective on MEG Energy and gave the stock a “market perform” rating in a research report on Wednesday, May 29th. Scotiabank lifted their target price on shares of MEG Energy from C$34.00 to C$35.00 in a report on Friday, July 12th. Finally, Jefferies Financial Group lowered their price target on shares of MEG Energy from C$35.00 to C$32.00 and set a “hold” rating on the stock in a report on Monday, July 15th.

Insider Activity

In related news, Director James D. Mcfarland purchased 5,000 shares of MEG Energy stock in a transaction that occurred on Friday, August 30th. The stock was purchased at an average price of C$26.94 per share, for a total transaction of C$134,700.00. Company insiders own 0.33% of the company’s stock.

MEG Energy Stock Performance

MEG opened at C$25.50 on Wednesday. The firm has a 50 day moving average of C$27.84 and a two-hundred day moving average of C$29.21. The firm has a market capitalization of C$6.87 billion, a PE ratio of 12.14, a P/E/G ratio of 0.17 and a beta of 2.92. The company has a current ratio of 1.54, a quick ratio of 1.17 and a debt-to-equity ratio of 26.35. MEG Energy has a 12-month low of C$22.79 and a 12-month high of C$33.70.

MEG Energy (TSE:MEG) last posted its earnings results on Thursday, July 25th. The company reported C$0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$0.69 by C$0.17. The company had revenue of C$2.74 billion during the quarter, compared to the consensus estimate of C$1.28 billion. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. On average, analysts anticipate that MEG Energy will post 2.4093357 EPS for the current year.

MEG Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 17th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.57%. The ex-dividend date of this dividend is Tuesday, September 17th. MEG Energy’s payout ratio is 19.05%.

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.