MEG Energy (TSE:MEG) Sets New 12-Month Low – Here’s Why

Shares of MEG Energy Corp. (TSE:MEG) hit a new 52-week low during trading on Tuesday . The stock traded as low as C$21.89 and last traded at C$22.43, with a volume of 136188 shares. The stock had previously closed at C$22.55.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Desjardins upgraded MEG Energy from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, January 28th. ATB Capital cut their target price on shares of MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. Royal Bank of Canada decreased their price target on shares of MEG Energy from C$33.00 to C$31.00 in a research note on Tuesday, January 14th. TD Securities lifted their price objective on shares of MEG Energy from C$35.00 to C$36.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Finally, National Bankshares upped their target price on shares of MEG Energy from C$27.00 to C$28.00 and gave the company a “sector perform” rating in a research report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, MEG Energy has an average rating of “Moderate Buy” and a consensus target price of C$32.00.

MEG Energy Stock Down 1.3 %

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 company has a 50-day simple moving average of C$23.55 and a 200-day simple moving average of C$25.07. The firm has a market cap of C$5.77 billion, a PE ratio of 11.79, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89.

MEG Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Wednesday, January 15th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.80%. The ex-dividend date of this dividend was Monday, December 16th. MEG Energy’s dividend payout ratio (DPR) is presently 21.19%.

Insiders Place Their Bets

In related news, Director Robert Ross Rooney bought 8,500 shares of MEG Energy stock in a transaction dated Wednesday, December 18th. The shares were acquired at an average cost of C$23.06 per share, with a total value of C$195,993.00. Also, Director Kimberley Elizabeth Lynch Proctor purchased 3,500 shares of the firm’s stock in a transaction dated Thursday, November 28th. The shares were bought at an average cost of C$25.06 per share, with a total value of C$87,713.85. Insiders have acquired a total of 12,805 shares of company stock worth $303,669 over the last quarter. 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.