MEG Energy Corp. (TSE:MEG) Plans $0.10 Quarterly Dividend

MEG Energy Corp. (TSE:MEG - Get Free Report) declared a quarterly dividend on Tuesday, November 5th,Zacks Dividends reports. Investors of record on Monday, December 16th will be paid a dividend of 0.10 per share on Wednesday, January 15th. This represents a $0.40 annualized dividend and a dividend yield of 1.48%. The ex-dividend date is Monday, December 16th.

MEG Energy Stock Down 0.8 %

Shares of TSE:MEG traded down C$0.22 during mid-day trading on Thursday, hitting C$27.11. 2,814,443 shares of the company traded hands, compared to its average volume of 1,668,051. The stock has a 50-day moving average price of C$25.95 and a two-hundred day moving average price of C$27.93. The stock has a market cap of C$7.31 billion, a P/E ratio of 12.96, a P/E/G ratio of 0.17 and a beta of 2.89. MEG Energy has a 12-month low of C$22.79 and a 12-month high of C$33.70. The company has a current ratio of 1.54, a quick ratio of 1.17 and a debt-to-equity ratio of 26.35.

MEG Energy (TSE:MEG - Get Free Report) last issued 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 business had revenue of C$1.27 billion for 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%. On average, equities research analysts forecast that MEG Energy will post 2.2734628 earnings per share for the current year.

Analyst Ratings Changes

MEG has been the topic of a number of recent analyst reports. Jefferies Financial Group dropped their price target on MEG Energy from C$32.00 to C$26.00 and set a "hold" rating on the stock in a report on Monday, September 16th. Scotiabank upgraded MEG Energy from a "sector perform" rating to an "outperform" rating and set a C$35.00 price target on the stock in a report on Wednesday, September 25th. BMO Capital Markets dropped their price target on MEG Energy from C$37.00 to C$34.00 in a report on Friday, October 4th. TD Securities boosted 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. Finally, Royal Bank of Canada lowered their target price on MEG Energy from C$35.00 to C$34.00 in a research note on Thursday. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of C$32.55.

Insider Activity at MEG Energy

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

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.