MEG Energy (TSE:MEG) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS

MEG Energy (TSE:MEG) announced its earnings results on Tuesday. The company reported C$0.62 earnings per share for the quarter, missing the consensus estimate of C$0.63 by C($0.01), reports. MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. The business had revenue of C$1.27 billion for the quarter, compared to analysts’ expectations of C$1.33 billion.

MEG Energy Trading Down 2.6 %

TSE MEG traded down C$0.71 during trading hours on Friday, reaching C$26.40. The company had a trading volume of 29,919 shares, compared to its average volume of 1,660,502. MEG Energy has a 1-year low of C$22.79 and a 1-year high of C$33.70. The stock has a market capitalization of C$7.11 billion, a P/E ratio of 12.91, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. The stock has a 50-day moving average of C$25.95 and a 200 day moving average of C$27.90. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Monday, December 16th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date is Monday, December 16th. MEG Energy’s payout ratio is 19.05%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MEG. 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. Jefferies Financial Group dropped their price target on MEG Energy from C$32.00 to C$26.00 and set a “hold” rating for the company in a research report on Monday, September 16th. National Bankshares lowered their target price on shares of MEG Energy from C$35.00 to C$31.00 in a research note on Friday, September 27th. Scotiabank upgraded 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 research report on Wednesday, September 25th. Finally, Royal Bank of Canada lowered their price target on shares of MEG Energy from C$35.00 to C$34.00 in a research report on Thursday. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, MEG Energy presently has an average rating of “Hold” and an average price target of C$32.55.

Insider Activity

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