MEG Energy (TSE:MEG) Sets New 52-Week Low – Here’s Why

Shares of MEG Energy Corp. (TSE:MEG) hit a new 52-week low during trading on Tuesday . The company traded as low as C$22.72 and last traded at C$22.85, with a volume of 132061 shares trading hands. The stock had previously closed at C$23.26.

Analysts Set New Price Targets

Several research analysts have recently issued reports on MEG shares. National Bankshares lowered their price objective on MEG Energy from C$35.00 to C$31.00 in a research note on Friday, September 27th. ATB Capital decreased their price target on shares of MEG Energy from C$37.00 to C$35.00 in a research report on Wednesday, November 27th. Royal Bank of Canada cut their price target on shares of MEG Energy from C$34.00 to C$33.00 in a report on Wednesday, November 27th. TD Securities increased their price objective on MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, Scotiabank raised MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 target price on the stock in a report on Wednesday, September 25th. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of C$32.45.

MEG Energy Stock Down 1.7 %

The company has a quick ratio of 1.17, a current ratio of 1.54 and a debt-to-equity ratio of 26.35. The stock has a 50 day simple moving average of C$25.70 and a 200 day simple moving average of C$26.78. The stock has a market cap of C$6.16 billion, a price-to-earnings ratio of 11.08, a PEG ratio of 0.17 and a beta of 2.89.

MEG Energy (TSE:MEG) last released its quarterly earnings data on Tuesday, November 5th. The company reported C$0.62 earnings per share for the quarter, missing the consensus estimate of C$0.63 by C($0.01). MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. The business had revenue of C$1.27 billion for the quarter, compared to analyst estimates of C$1.33 billion. As a group, analysts expect that MEG Energy Corp. will post 2.2734628 earnings per share for the current fiscal year.

MEG Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Wednesday, January 15th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend is Monday, December 16th. MEG Energy’s dividend payout ratio is 19.05%.

Insider Activity

In related news, Director Kimberley Elizabeth Lynch Proctor acquired 3,500 shares of the stock in a transaction on Thursday, November 28th. The shares were acquired at an average price of C$25.06 per share, with a total value of C$87,713.85. 0.33% of the stock is currently owned by corporate insiders.

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.