MEG Energy (TSE:MEG) Hits New 12-Month Low – Time to Sell?

MEG Energy Corp. (TSE:MEG) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as C$21.89 and last traded at C$22.43, with a volume of 136188 shares changing hands. The stock had previously closed at C$22.55.

Analyst Ratings Changes

Several research analysts have recently commented on MEG shares. Desjardins raised MEG Energy from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, January 28th. TD Securities lifted their target price on 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. Royal Bank of Canada decreased their price target on shares of MEG Energy from C$33.00 to C$31.00 in a research report on Tuesday, January 14th. ATB Capital cut their price objective on shares of MEG Energy from C$37.00 to C$35.00 in a research report on Wednesday, November 27th. Finally, National Bankshares boosted their price objective 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. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of C$32.00.

MEG Energy Price Performance

The stock’s 50 day simple moving average is C$23.55 and its 200-day simple moving average is C$25.07. The company has a debt-to-equity ratio of 22.80, a quick ratio of 1.17 and a current ratio of 1.55. The firm has a market cap of C$5.77 billion, a price-to-earnings ratio of 11.79, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89.

MEG Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Wednesday, January 15th were given a dividend of $0.10 per share. The ex-dividend date was Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a yield of 1.80%. MEG Energy’s dividend payout ratio is currently 21.19%.

Insider Activity

In other MEG Energy news, Director Kimberley Elizabeth Lynch Proctor bought 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, November 28th. The stock was bought at an average cost of C$25.06 per share, for a total transaction of C$87,713.85. Also, Director Robert Ross Rooney purchased 8,500 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were bought at an average cost of C$23.06 per share, for a total transaction of C$195,993.00. Over the last three months, insiders have bought 12,805 shares of company stock valued at $303,669. Company insiders own 0.33% of the company’s stock.

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.