MEG Energy (TSE:MEG) Price Target Lowered to C$34.00 at Royal Bank of Canada

MEG Energy (TSE:MEG) had its price objective decreased by Royal Bank of Canada from C$35.00 to C$34.00 in a research note released on Thursday,BayStreet.CA reports.

A number of other research firms have also weighed in on MEG. Jefferies Financial Group decreased their target price on shares of MEG Energy from C$32.00 to C$26.00 and set a “hold” rating on the stock in a research note on Monday, September 16th. BMO Capital Markets decreased their price target on MEG Energy from C$37.00 to C$34.00 in a research note on Friday, October 4th. Scotiabank upgraded MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price objective for the company in a report on Wednesday, September 25th. TD Securities increased their price target on shares of MEG Energy from C$35.00 to C$36.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, National Bankshares lowered their price objective on shares of MEG Energy from C$35.00 to C$31.00 in a research note on Friday, September 27th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, MEG Energy has a consensus rating of “Hold” and an average price target of C$32.55.

MEG Energy Stock Down 3.9 %

Shares of MEG Energy stock traded down C$1.05 on Thursday, reaching C$26.06. The company’s stock had a trading volume of 485,560 shares, compared to its average volume of 1,662,601. The company has a quick ratio of 1.17, a current ratio of 1.54 and a debt-to-equity ratio of 26.35. MEG Energy has a 52 week low of C$22.79 and a 52 week high of C$33.70. The company has a market capitalization of C$7.02 billion, a price-to-earnings ratio of 12.91, a P/E/G ratio of 0.17 and a beta of 2.89. The firm’s fifty day simple moving average is C$25.95 and its two-hundred day simple moving average is C$27.90.

MEG Energy (TSE:MEG) last issued its quarterly earnings data on Tuesday, November 5th. The company reported C$0.62 earnings per share for the quarter, missing the consensus estimate of C$0.63 by C($0.01). MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. The company had revenue of C$1.27 billion for the quarter, compared to the consensus estimate of C$1.33 billion. Equities analysts anticipate that MEG Energy will post 2.2734628 earnings per share for the current year.

MEG Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.40 annualized dividend and a yield of 1.53%. MEG Energy’s payout ratio is 19.05%.

Insider Transactions at MEG Energy

In other news, Director Michael Mcallister purchased 7,400 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average cost of C$25.67 per share, with a total value of C$189,986.86. In other news, Director Michael Mcallister bought 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, for a total transaction of C$189,986.86. Also, Director James D. Mcfarland purchased 5,000 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was bought at an average price of C$26.94 per share, for a total transaction of C$134,700.00. 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.