MEG Energy Corp. (TSE:MEG) Given Consensus Recommendation of “Hold” by Brokerages

Shares of MEG Energy Corp. (TSE:MEG) have been given an average recommendation of “Hold” by the seven brokerages that are currently covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is C$30.95.

Several equities analysts have commented on MEG shares. National Bankshares increased their price target on 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. TD Securities decreased their target price on MEG Energy from C$33.00 to C$32.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Desjardins lowered MEG Energy from a “buy” rating to a “hold” rating and cut their price target for the stock from C$29.00 to C$26.50 in a report on Wednesday. Royal Bank of Canada lowered their price objective on shares of MEG Energy from C$33.00 to C$31.00 in a research note on Tuesday, January 14th. Finally, ATB Capital cut their target price on shares of MEG Energy from C$37.00 to C$35.00 in a research note on Wednesday, November 27th.

Insider Buying and Selling

In other MEG Energy news, 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 value of C$2,215,416.96. Also, Senior Officer Erik Alexander Alson sold 32,728 shares of the stock in a transaction on Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total value of C$791,690.32. 0.33% of the stock is owned by corporate insiders.

MEG Energy Price Performance

TSE MEG opened at C$24.83 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 22.80. The stock has a market capitalization of C$6.44 billion, a PE ratio of 13.15, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. MEG Energy has a 12-month low of C$19.77 and a 12-month high of C$33.70. The company has a 50 day moving average price of C$23.41 and a two-hundred day moving average price of C$24.54.

MEG Energy Dividend Announcement

The business 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 of this dividend is Thursday, March 20th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.61%. MEG Energy’s payout ratio 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.