MEG Energy (TSE:MEG) Price Target Cut to C$33.00 by Analysts at Royal Bank of Canada

MEG Energy (TSE:MEG) had its price objective decreased by Royal Bank of Canada from C$34.00 to C$33.00 in a research note published on Wednesday morning,BayStreet.CA reports.

A number of other equities research analysts also recently issued reports on MEG. BMO Capital Markets cut their price target on MEG Energy from C$37.00 to C$34.00 in a research note on Friday, October 4th. Scotiabank raised MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price objective on the stock in a research note on Wednesday, September 25th. National Bankshares cut their price target on MEG Energy from C$35.00 to C$31.00 in a research note on Friday, September 27th. TD Securities upped their target price on shares of MEG Energy from C$35.00 to C$36.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, Jefferies Financial Group decreased their price target on shares of MEG Energy from C$32.00 to C$26.00 and set a “hold” rating on the stock in a research note on Monday, September 16th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, MEG Energy presently has an average rating of “Hold” and a consensus price target of C$32.45.

MEG Energy Price Performance

Shares of TSE:MEG opened at C$24.82 on Wednesday. MEG Energy has a 1-year low of C$22.79 and a 1-year high of C$33.70. The company has a market capitalization of C$6.69 billion, a PE ratio of 11.82, a PEG ratio of 0.17 and a beta of 2.89. The business has a fifty day moving average price of C$26.11 and a 200-day moving average price of C$27.33. The company has a debt-to-equity ratio of 26.35, a current ratio of 1.54 and a quick ratio of 1.17.

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

MEG Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.61%. MEG Energy’s dividend payout ratio is currently 19.05%.

Insider Activity

In other MEG Energy news, Director James D. Mcfarland purchased 5,000 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The shares were bought at an average price of C$26.94 per share, for a total transaction of C$134,700.00. Also, Director Michael Mcallister acquired 7,400 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average price of C$25.67 per share, with a total value of C$189,986.86. Corporate insiders own 0.33% of the company’s stock.

About MEG Energy

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.