Royal Bank of Canada Cuts MEG Energy (TSE:MEG) Price Target to C$35.00

MEG Energy (TSE:MEG) had its target price decreased by Royal Bank of Canada from C$39.00 to C$35.00 in a research note issued to investors on Tuesday morning, BayStreet.CA reports.

A number of other research firms also recently weighed in on MEG. TD Securities upgraded shares of 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 target on shares of MEG Energy and gave the company a market perform rating in a research note on Wednesday, May 29th. Scotiabank raised their price target on shares of MEG Energy from C$34.00 to C$35.00 in a research note on Friday, July 12th. Finally, Jefferies Financial Group reduced their price target on shares of MEG Energy from C$32.00 to C$26.00 and set a hold rating on the stock in a research note on Monday. Seven equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of Hold and an average price target of C$33.09.

MEG Energy Price Performance

MEG stock opened at C$25.66 on Tuesday. The company has a quick ratio of 1.17, a current ratio of 1.54 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. The firm has a market cap of C$6.92 billion, a P/E ratio of 12.22, a P/E/G ratio of 0.17 and a beta of 2.92. The company’s 50-day moving average price is C$26.84 and its two-hundred day moving average price is C$29.00.

MEG Energy (TSE:MEG) last released its earnings results on Thursday, July 25th. The company reported C$0.86 EPS for the quarter, beating the consensus estimate of C$0.69 by C$0.17. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. The firm had revenue of C$2.74 billion for the quarter, compared to analyst estimates of C$1.28 billion. On average, analysts anticipate that MEG Energy will post 2.7951669 earnings per share for the current fiscal year.

MEG Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 15th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, September 17th. This represents a $0.40 annualized dividend and a yield of 1.56%. MEG Energy’s dividend payout ratio is presently 19.05%.

Insider Buying and Selling

In other MEG Energy news, Director Michael Mcallister bought 7,400 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of C$25.67 per share, for a total transaction of C$189,986.86. In other news, Director James D. Mcfarland purchased 5,000 shares of the stock in a transaction 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. Also, Director Michael Mcallister purchased 7,400 shares of the stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average price of C$25.67 per share, with a total value of C$189,986.86. 0.33% of the stock is owned by corporate insiders.

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.