MEG Energy (TSE:MEG) Cut to Sell at TD Securities

TD Securities downgraded shares of MEG Energy (TSE:MEG) from a buy rating to a sell rating in a report published on Wednesday morning, MarketBeat Ratings reports. The brokerage currently has C$28.00 target price on the stock, down from their prior target price of C$30.00.

A number of other equities research analysts also recently issued reports on MEG. Atb Cap Markets downgraded MEG Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 25th. Desjardins downgraded shares of MEG Energy from a “hold” rating to a “tender” rating and set a C$28.00 price objective on the stock. in a report on Monday, August 25th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of C$29.67.

MEG Energy Stock Performance

Shares of MEG opened at C$28.87 on Wednesday. The firm has a market capitalization of C$7.34 billion, a P/E ratio of 13.81, a PEG ratio of 0.17 and a beta of 0.72. 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 has a one year low of C$17.00 and a one year high of C$30.78. The business has a fifty day moving average of C$28.64 and a 200 day moving average of C$25.75.

MEG Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 15th were issued a dividend of $0.11 per share. This is a boost from MEG Energy’s previous quarterly dividend of $0.10. This represents a $0.44 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Friday, September 12th. MEG Energy’s dividend payout ratio is presently 19.14%.

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.