Insider Buying: MEG Energy Corp. (TSE:MEG) Director Buys 8,500 Shares of Stock

MEG Energy Corp. (TSE:MEG) Director Robert Ross Rooney purchased 8,500 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were acquired at an average cost of C$23.06 per share, with a total value of C$195,993.00.

MEG Energy Trading Up 0.2 %

Shares of MEG stock traded up C$0.04 during trading hours on Thursday, hitting C$22.65. 622,490 shares of the company were exchanged, compared to its average volume of 1,677,466. The company has a 50 day simple moving average of C$25.50 and a two-hundred day simple moving average of C$26.68. The firm has a market cap of C$6.10 billion, a P/E ratio of 10.79, a P/E/G ratio of 0.17 and a beta of 2.89. The company has a debt-to-equity ratio of 26.35, a quick ratio of 1.17 and a current ratio of 1.54. MEG Energy Corp. has a fifty-two week low of C$22.36 and a fifty-two week high of C$33.70.

MEG Energy (TSE:MEG) last posted its quarterly earnings results on Tuesday, November 5th. The company reported C$0.62 EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of C$1.27 billion during the quarter, compared to analyst estimates of C$1.33 billion. Equities analysts anticipate that MEG Energy Corp. will post 2.2734628 EPS for the current year.

MEG Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Wednesday, January 15th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend is Monday, December 16th. MEG Energy’s payout ratio is 19.05%.

Analyst Upgrades and Downgrades

MEG has been the subject of a number of recent research reports. TD Securities increased their price objective on MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Royal Bank of Canada decreased their price target on MEG Energy from C$34.00 to C$33.00 in a research note on Wednesday, November 27th. Scotiabank raised MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price objective on the stock in a research note on Wednesday, September 25th. Jefferies Financial Group decreased their target price on shares of 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. Finally, BMO Capital Markets dropped their price target on shares of MEG Energy from C$37.00 to C$34.00 in a research report on Friday, October 4th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of C$32.45.

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.