MEG Energy Corp. (TSE:MEG) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of MEG Energy Corp. (TSE:MEG) have been assigned an average recommendation of “Hold” from the seven research firms that are currently covering the firm, Marketbeat reports. Five analysts have rated the stock with a hold recommendation, one has given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is C$30.35.

MEG has been the subject of a number of analyst reports. Desjardins downgraded MEG Energy from a “buy” rating to a “hold” rating and decreased their price target for the company from C$29.00 to C$26.50 in a report on Wednesday, March 19th. CIBC decreased their target price on shares of MEG Energy from C$32.00 to C$28.00 in a research note on Thursday, April 10th. Scotiabank upgraded shares of MEG Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. Royal Bank of Canada cut their price objective on shares of MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. Finally, National Bankshares increased their target price on shares of MEG Energy from C$27.00 to C$28.00 and gave the stock a “sector perform” rating in a research note on Thursday, January 30th.

MEG Energy Stock Performance

Shares of MEG stock opened at C$19.09 on Thursday. The stock has a market cap of C$4.95 billion, a PE ratio of 10.11, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. MEG Energy has a 52-week low of C$17.00 and a 52-week high of C$32.53. The business has a 50-day simple moving average of C$22.86 and a 200-day simple moving average of C$24.21. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 15th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.10%. 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 Darlene Miriam Gates sold 91,584 shares of MEG Energy stock in a transaction that occurred 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 business’s stock in a transaction that occurred 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 company insiders.

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.