MEG Energy Corp. Announces Quarterly Dividend of $0.10 (TSE:MEG)

MEG Energy Corp. (TSE:MEG) declared a quarterly dividend on Tuesday, November 5th, Zacks reports. Investors of record on Monday, December 16th will be given a dividend of 0.10 per share on Wednesday, January 15th. This represents a $0.40 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date of this dividend is Monday, December 16th.

MEG Energy Stock Down 1.1 %

TSE MEG traded down C$0.30 during trading hours on Thursday, hitting C$27.03. 82,609 shares of the company were exchanged, compared to its average volume of 1,655,403. The company has a quick ratio of 1.17, a current ratio of 1.54 and a debt-to-equity ratio of 26.35. The firm has a market cap of C$7.28 billion, a price-to-earnings ratio of 13.01, a PEG ratio of 0.17 and a beta of 2.89. The company has a 50 day moving average of C$25.95 and a two-hundred day moving average of C$27.93. MEG Energy has a 52-week low of C$22.79 and a 52-week high of C$33.70.

MEG Energy (TSE:MEG) last released its earnings results on Tuesday, November 5th. The company reported C$0.62 earnings per share 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 firm had revenue of C$1.27 billion for the quarter, compared to analysts’ expectations of C$1.33 billion. Equities research analysts anticipate that MEG Energy will post 2.2734628 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on MEG shares. National Bankshares reduced their price objective on shares of MEG Energy from C$35.00 to C$31.00 in a report on Friday, September 27th. Royal Bank of Canada decreased their price target on MEG Energy from C$39.00 to C$35.00 in a report on Tuesday, September 17th. Scotiabank upgraded MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price objective on the stock in a report on Wednesday, September 25th. TD Securities boosted their target price on MEG Energy from C$35.00 to C$36.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, BMO Capital Markets dropped their price target on shares of MEG Energy from C$37.00 to C$34.00 in a research note on Friday, October 4th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of C$32.64.

Insider Activity at MEG Energy

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

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.