MEG Energy Corp. (TSE:MEG) Given Average Rating of “Hold” by Brokerages

Shares of MEG Energy Corp. (TSE:MEG) have been assigned a consensus recommendation of “Hold” from the seven analysts that are presently covering the stock, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is C$30.35.

Several equities research analysts have recently weighed in on MEG shares. Desjardins cut shares of MEG Energy from a “buy” rating to a “hold” rating and lowered their price target for the stock from C$29.00 to C$26.50 in a research report on Wednesday, March 19th. Royal Bank of Canada lowered their target price on MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. CIBC dropped their target price on MEG Energy from C$32.00 to C$28.00 in a research report on Thursday, April 10th. National Bankshares boosted their price target on MEG Energy from C$27.00 to C$28.00 and gave the stock a “sector perform” rating in a research report on Thursday, January 30th. Finally, Scotiabank raised MEG Energy to a “strong-buy” rating in a research report on Wednesday, March 19th.

Insider Activity at MEG Energy

In related news, Director Darlene Miriam Gates sold 91,584 shares of the company’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 firm’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$791,690.32. 0.33% of the stock is currently owned by insiders.

MEG Energy Stock Down 1.5 %

TSE:MEG opened at C$19.09 on Thursday. The company has a debt-to-equity ratio of 22.80, a current ratio of 1.55 and a quick ratio of 1.17. The firm 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. The company has a 50-day moving average of C$22.86 and a 200 day moving average of C$24.21. MEG Energy has a 1-year low of C$17.00 and a 1-year high of C$32.53.

MEG Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 15th will be issued 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 2.10%. MEG Energy’s dividend payout ratio (DPR) 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.