MEG Energy (TSE:MEG) Trading Up 15.5% – Here’s Why

MEG Energy Corp. (TSE:MEG)’s share price rose 15.5% on Friday . The stock traded as high as C$28.64 and last traded at C$24.60. Approximately 4,067,625 shares were traded during trading, an increase of 62% from the average daily volume of 2,508,243 shares. The stock had previously closed at C$21.30.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. CIBC decreased their price objective on shares of MEG Energy from C$32.00 to C$28.00 in a research report on Thursday, April 10th. TD Securities lowered their price objective on shares of MEG Energy from C$33.00 to C$32.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Scotiabank raised shares of MEG Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. 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. Finally, Desjardins lowered shares of MEG Energy from a “buy” rating to a “hold” rating and cut their price target for the company from C$29.00 to C$26.50 in a research note on Wednesday, March 19th. Four investment 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. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of C$30.35.

MEG Energy Stock Up 18.7%

The business’s fifty day moving average price is C$21.85 and its 200 day moving average price is C$23.25. The firm has a market capitalization of C$6.56 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 0.17 and a beta of 2.89. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 22.80.

MEG Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 15th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.58%. MEG Energy’s dividend payout ratio (DPR) is presently 21.19%.

Insider Transactions at MEG Energy

In other MEG Energy news, Senior Officer Erik Alexander Alson sold 32,728 shares of the stock in a transaction that occurred 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. Also, Director Darlene Miriam Gates sold 91,584 shares of the stock in a transaction that occurred on Saturday, March 15th. The shares were sold at an average price of C$24.19, for a total value of C$2,215,416.96. Corporate insiders own 0.33% of the company’s stock.

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.