MEG Energy Corp. (TSE:MEG) Given Average Rating of “Hold” by Brokerages

MEG Energy Corp. (TSE:MEG) has received a consensus recommendation of “Hold” from the seven brokerages that are currently covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is C$31.40.

A number of analysts recently weighed in on the stock. ATB Capital lowered their price target on shares of MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. National Bankshares raised 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. Desjardins raised shares of MEG Energy from a “hold” rating to a “moderate buy” rating in a report on Tuesday, January 28th. Royal Bank of Canada lowered their price target on shares of MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. Finally, TD Securities lowered their price target on shares of MEG Energy from C$33.00 to C$32.00 and set a “buy” rating for the company in a report on Friday, February 28th.

MEG Energy Stock Performance

TSE MEG opened at C$24.19 on Friday. The firm has a market cap of C$6.27 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 0.17 and a beta of 2.89. The company has a 50 day moving average of C$23.39 and a 200-day moving average of C$24.63. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 22.80. MEG Energy has a 1-year low of C$19.77 and a 1-year high of C$33.70.

MEG Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 15th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date of this dividend is Thursday, March 20th. MEG Energy’s dividend payout ratio is presently 21.19%.

Insiders Place Their Bets

In other news, Director Robert Ross Rooney purchased 8,500 shares of MEG Energy stock in a transaction dated Wednesday, December 18th. The shares were bought at an average cost of C$23.06 per share, with a total value of C$195,993.00. Company insiders own 0.33% of the company’s stock.

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.