MEG Energy Corp. (TSE:MEG) Given Average Recommendation of “Hold” by Analysts

Shares of MEG Energy Corp. (TSE:MEG) have earned an average rating of “Hold” from the seven research firms that are covering the company, Marketbeat reports. Five research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is C$30.95.

A number of equities analysts have recently weighed in on the company. Desjardins downgraded MEG Energy from a “buy” rating to a “hold” rating and dropped their target price for the company from C$29.00 to C$26.50 in a report on Wednesday, March 19th. Scotiabank upgraded shares of MEG Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. TD Securities lowered their price target on shares of MEG Energy from C$33.00 to C$32.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Royal Bank of Canada cut their price objective on MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. Finally, National Bankshares lifted their price objective on MEG Energy from C$27.00 to C$28.00 and gave the company a “sector perform” rating in a research report on Thursday, January 30th.

Insider Activity

In other news, Senior Officer Erik Alexander Alson sold 32,728 shares of the firm’s stock in a transaction dated Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total value of C$791,690.32. Also, Director Darlene Miriam Gates sold 91,584 shares of the business’s stock in a transaction dated Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total value of C$2,215,416.96. 0.33% of the stock is currently owned by insiders.

MEG Energy Stock Up 14.4 %

TSE:MEG opened at C$21.20 on Thursday. The business’s fifty day moving average price is C$23.13 and its 200 day moving average price is C$24.34. The firm has a market capitalization of C$5.50 billion, a price-to-earnings ratio of 11.23, a PEG 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. MEG Energy has a 1-year low of C$17.00 and a 1-year high of C$33.70.

MEG Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 15th will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.89%. MEG Energy’s dividend payout ratio is currently 21.19%.

About MEG Energy

MEG Energy is engaged in in situ oil sands development and production in Alberta, Canada. As of March 2021, the company reported estimated net proved and probable reserves of 2 billion barrels of oil equivalent. Net production averaged 82,000 barrels per day in 2020.