MEG Energy (TSE:MEG) Stock Price Down 2.5% Following Analyst Downgrade

MEG Energy Corp. (TSE:MEG) shares were down 2.5% on Friday after CIBC lowered their price target on the stock from C$32.00 to C$28.00. The company traded as low as C$18.75 and last traded at C$18.99. Approximately 443,108 shares changed hands during trading, a decline of 84% from the average daily volume of 2,710,125 shares. The stock had previously closed at C$19.47.

Several other research analysts have also issued reports on the stock. Scotiabank raised shares of MEG Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. Desjardins cut MEG Energy from a “buy” rating to a “hold” rating and dropped their target price for the stock from C$29.00 to C$26.50 in a report on Wednesday, March 19th. TD Securities decreased their price target on MEG Energy from C$33.00 to C$32.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. National Bankshares increased their price objective on 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. Finally, Royal Bank of Canada reduced their target price on shares of MEG Energy from C$33.00 to C$31.00 in a research note on Tuesday, January 14th. Five investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, MEG Energy presently has an average rating of “Hold” and a consensus target price of C$30.35.

Insider Activity at MEG Energy

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

MEG Energy Trading Down 3.7 %

The business’s 50 day simple moving average is C$23.05 and its 200-day simple moving average is C$24.30. The stock has a market capitalization of C$4.86 billion, a P/E ratio of 9.93, a PEG ratio of 0.17 and a beta of 2.89. The company has a debt-to-equity ratio of 22.80, a current ratio of 1.55 and a quick ratio of 1.17.

MEG Energy Announces Dividend

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 given a dividend of $0.10 per share. The ex-dividend date is Thursday, March 20th. This represents a $0.40 annualized dividend and a dividend yield of 2.13%. MEG Energy’s payout ratio is currently 21.19%.

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.