Analysts Set MEG Energy Corp. (TSE:MEG) Price Target at C$30.95

Shares of MEG Energy Corp. (TSE:MEG - Get Free Report) have received an average recommendation of "Hold" from the seven research firms that are presently covering the stock, MarketBeat.com reports. Five investment analysts have rated the stock with a hold recommendation, one has assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is C$30.35.

A number of equities analysts have recently commented on the stock. Scotiabank raised shares of MEG Energy to a "strong-buy" rating in a report on Wednesday, March 19th. CIBC reduced their target price on shares of MEG Energy from C$32.00 to C$28.00 in a report on Thursday, April 10th. National Bankshares raised their price target on MEG Energy from C$27.00 to C$28.00 and gave the stock a "sector perform" rating in a report on Thursday, January 30th. TD Securities reduced their price objective on MEG Energy from C$33.00 to C$32.00 and set a "buy" rating for the company in a research note on Friday, February 28th. Finally, Royal Bank of Canada decreased their price objective on MEG Energy from C$33.00 to C$31.00 in a research report on Tuesday, January 14th.

Insider Activity

In other news, Director Darlene Miriam Gates sold 91,584 shares of the business's stock in a transaction that occurred on 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. Also, Senior Officer Erik Alexander Alson sold 32,728 shares of the company's stock in a transaction that occurred on Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total value of C$791,690.32. Insiders own 0.33% of the company's stock.

MEG Energy Stock Performance

MEG traded up C$0.31 during trading on Thursday, hitting C$19.40. 2,052,892 shares of the stock were exchanged, compared to its average volume of 2,721,207. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 22.80. MEG Energy has a 1-year low of C$17.00 and a 1-year high of C$32.53. The stock has a fifty day moving average price of C$22.79 and a two-hundred day moving average price of C$24.17. The firm has a market capitalization of C$5.03 billion, a P/E ratio of 10.28, a PEG ratio of 0.17 and a beta of 2.89.

MEG Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 15th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.06%. The ex-dividend date is Thursday, March 20th. MEG Energy's payout ratio is 21.19%.

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.