MEG Energy (TSE:MEG) Trading Down 2.5% Following Analyst Downgrade

MEG Energy Corp. (TSE:MEG) shares traded down 2.5% during trading on Friday after CIBC lowered their price target on the stock from C$32.00 to C$28.00. The stock traded as low as C$18.75 and last traded at C$18.99. 443,108 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 2,710,125 shares. The stock had previously closed at C$19.47.

Several other research firms have also commented on MEG. Scotiabank raised shares of MEG Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. TD Securities reduced their target price 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. Royal Bank of Canada dropped their price target on shares of MEG Energy from C$33.00 to C$31.00 in a research note on Tuesday, January 14th. Desjardins lowered MEG Energy from a “buy” rating to a “hold” rating and reduced their price objective for the stock from C$29.00 to C$26.50 in a research note on Wednesday, March 19th. Finally, National Bankshares raised their target price on MEG Energy from C$27.00 to C$28.00 and gave the stock a “sector perform” rating in a report on Thursday, January 30th. Five analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of C$30.35.

Insiders Place Their Bets

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

MEG Energy Stock Performance

The business’s fifty day moving average is C$22.95 and its two-hundred day moving average is C$24.25. The stock has a market capitalization of C$5.02 billion, a PE ratio of 10.27, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 22.80.

MEG Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 15th will be issued a $0.10 dividend. The ex-dividend date is Thursday, March 20th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.06%. MEG Energy’s dividend payout ratio (DPR) is presently 21.19%.

MEG Energy Company Profile

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.