MEG Energy (TSE:MEG) Hits New 52-Week Low Following Analyst Downgrade

MEG Energy Corp. (TSE:MEG) reached a new 52-week low during mid-day trading 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. The stock had previously closed at C$22.52.

Other equities research analysts have also recently issued reports about the stock. National Bankshares upped their price target on shares of MEG Energy from C$27.00 to C$28.00 and gave the company a “sector perform” rating in a report on Thursday, January 30th. Royal Bank of Canada lowered their target price on MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. ATB Capital cut their price target on MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. Finally, Desjardins upgraded shares of MEG Energy from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, January 28th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of C$31.64.

Insiders Place Their Bets

In related news, Director Robert Ross Rooney bought 8,500 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was acquired at an average price of C$23.06 per share, for a total transaction of C$195,993.00. Corporate insiders own 0.33% of the company’s stock.

MEG Energy Trading Down 8.5 %

The firm has a market cap of C$5.34 billion, a P/E ratio of 10.92, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 22.80. The company’s fifty day moving average price is C$23.52 and its two-hundred day moving average price is C$24.92.

MEG Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Wednesday, January 15th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date was Monday, December 16th. MEG Energy’s dividend payout ratio is currently 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.