MEG Energy (TSE:MEG) Given New C$33.00 Price Target at Royal Bank of Canada

MEG Energy (TSE:MEG) had its target price cut by Royal Bank of Canada from C$34.00 to C$33.00 in a research note published on Wednesday morning,BayStreet.CA reports.

A number of other research analysts have also recently issued reports on MEG. TD Securities lifted their price objective on shares of MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. National Bankshares reduced their price objective on shares of MEG Energy from C$35.00 to C$31.00 in a research note on Friday, September 27th. Jefferies Financial Group lowered their target price on MEG Energy from C$32.00 to C$26.00 and set a “hold” rating for the company in a research report on Monday, September 16th. BMO Capital Markets reduced their price target on MEG Energy from C$37.00 to C$34.00 in a research report on Friday, October 4th. Finally, Scotiabank raised MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price objective on the stock in a research note on Wednesday, September 25th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of C$32.45.

MEG Energy Trading Up 0.4 %

Shares of TSE:MEG opened at C$24.82 on Wednesday. The company has a market capitalization of C$6.69 billion, a P/E ratio of 11.82, a P/E/G ratio of 0.17 and a beta of 2.89. The company has a debt-to-equity ratio of 26.35, a current ratio of 1.54 and a quick ratio of 1.17. The business’s 50 day simple moving average is C$26.11 and its 200 day simple moving average is C$27.33. MEG Energy has a 1 year low of C$22.79 and a 1 year high of C$33.70.

MEG Energy (TSE:MEG) last posted its quarterly earnings results on Tuesday, November 5th. The company reported C$0.62 EPS for the quarter, missing analysts’ consensus estimates of C$0.63 by C($0.01). The company had revenue of C$1.27 billion during the quarter, compared to analyst estimates of C$1.33 billion. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. On average, research analysts anticipate that MEG Energy will post 2.2734628 EPS for the current fiscal year.

MEG Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Monday, December 16th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend is Monday, December 16th. MEG Energy’s dividend payout ratio (DPR) is presently 19.05%.

Insiders Place Their Bets

In other news, Director James D. Mcfarland acquired 5,000 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The shares were acquired at an average price of C$26.94 per share, for a total transaction of C$134,700.00. Also, Director Michael Mcallister purchased 7,400 shares of the business’s stock in a transaction dated 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 currently owned by insiders.

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.