Insider Selling: MEG Energy Corp. (TSE:MEG) Director Sells 91,584 Shares of Stock

MEG Energy Corp. (TSE:MEG - Get Free Report) Director Darlene Miriam Gates sold 91,584 shares of the company's stock in a transaction dated Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total transaction of C$2,215,416.96.

MEG Energy Stock Performance

TSE:MEG traded up C$0.02 during trading hours on Friday, reaching C$24.85. The stock had a trading volume of 2,308,255 shares, compared to its average volume of 2,812,833. The stock has a market cap of C$6.44 billion, a P/E ratio of 13.16, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. The stock has a 50 day simple moving average of C$23.41 and a 200 day simple moving average of C$24.54. The company has a debt-to-equity ratio of 22.80, a quick ratio of 1.17 and a current ratio of 1.55. MEG Energy Corp. has a 12-month low of C$19.77 and a 12-month high of C$33.70.

MEG Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 15th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend is Thursday, March 20th. MEG Energy's dividend payout ratio (DPR) is currently 21.19%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MEG. Royal Bank of Canada lowered their price target on MEG Energy from C$33.00 to C$31.00 in a research report on Tuesday, January 14th. ATB Capital dropped their price target on shares of MEG Energy from C$37.00 to C$35.00 in a research report on Wednesday, November 27th. TD Securities reduced 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. Desjardins cut shares of MEG Energy from a "buy" rating to a "hold" rating and dropped their target price for the stock from C$29.00 to C$26.50 in a research report on Wednesday. Finally, National Bankshares upped their target price on MEG Energy from C$27.00 to C$28.00 and gave the company a "sector perform" rating in a report on Thursday, January 30th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of C$30.95.

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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.