MEG Energy (TSE:MEG) Sets New 1-Year Low After Analyst Downgrade

MEG Energy Corp. (TSE:MEG) reached a new 52-week low on Monday after TD Securities lowered their price target on the stock from C$33.00 to C$32.00. TD Securities currently has a buy rating on the stock. MEG Energy traded as low as C$21.49 and last traded at C$22.06, with a volume of 1395832 shares trading hands. The stock had previously closed at C$22.52.

Other analysts also recently issued reports about the stock. Royal Bank of Canada decreased their price objective on shares of MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. Desjardins upgraded MEG Energy from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, January 28th. National Bankshares increased 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. Finally, ATB Capital dropped their target price on shares of MEG Energy from C$37.00 to C$35.00 in a research report on Wednesday, November 27th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of C$31.64.

Insider Buying and Selling

In other MEG Energy news, Director Robert Ross Rooney purchased 8,500 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were acquired at an average cost of C$23.06 per share, for a total transaction of C$195,993.00. 0.33% of the stock is currently owned by corporate insiders.

MEG Energy Stock Down 3.2 %

The firm has a fifty day moving average price of C$23.56 and a 200 day moving average price of C$24.97. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 22.80. The company has a market cap of C$5.65 billion, a P/E ratio of 11.55, a PEG ratio of 0.17 and a beta of 2.89.

MEG Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Wednesday, January 15th were given a dividend of $0.10 per share. The ex-dividend date was Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.83%. MEG Energy’s payout ratio is 21.19%.

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.