Raymond James Brokers Cut Earnings Estimates for MEG Energy

MEG Energy Corp. (TSE:MEG - Free Report) - Analysts at Raymond James cut their FY2024 EPS estimates for shares of MEG Energy in a research report issued on Wednesday, November 6th. Raymond James analyst M. Barth now forecasts that the company will post earnings per share of $2.17 for the year, down from their previous forecast of $2.41. The consensus estimate for MEG Energy's current full-year earnings is $2.27 per share. Raymond James also issued estimates for MEG Energy's FY2026 earnings at $2.22 EPS.

MEG has been the topic of a number of other reports. Jefferies Financial Group dropped their price objective 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. Scotiabank raised MEG Energy from a "sector perform" rating to an "outperform" rating and set a C$35.00 price target for the company in a research report on Wednesday, September 25th. TD Securities lifted their target price on MEG Energy from C$35.00 to C$36.00 and gave the company a "buy" rating in a research note on Wednesday. BMO Capital Markets decreased their price target on shares of MEG Energy from C$37.00 to C$34.00 in a research report on Friday, October 4th. Finally, National Bankshares cut their price objective on shares of MEG Energy from C$35.00 to C$31.00 in a research report on Friday, September 27th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of C$32.55.

MEG Energy Stock Down 3.6 %

TSE:MEG traded down C$0.98 during mid-day trading on Friday, reaching C$26.13. The company's stock had a trading volume of 1,337,465 shares, compared to its average volume of 1,666,527. 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 firm has a market capitalization of C$7.04 billion, a PE ratio of 12.91, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. The stock has a fifty day moving average of C$25.95 and a 200-day moving average of C$27.90. MEG Energy has a 1 year low of C$22.79 and a 1 year high of C$33.70.

MEG Energy (TSE:MEG - Get Free Report) last issued its earnings results 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). The firm had revenue of C$1.27 billion during the quarter, compared to analysts' expectations of C$1.33 billion. MEG Energy had a return on equity of 12.99% and a net margin of 10.43%.

Insider Activity at MEG Energy

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

MEG Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 16th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date of this dividend is Monday, December 16th. MEG Energy's dividend payout ratio (DPR) is presently 19.05%.

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.