Desjardins Downgrades MEG Energy (TSE:MEG) to Hold

Desjardins cut shares of MEG Energy (TSE:MEG - Free Report) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning, MarketBeat Ratings reports. The firm currently has C$26.50 target price on the stock, down from their prior target price of C$29.00.

Several other brokerages also recently commented on MEG. National Bankshares boosted their target price on MEG Energy from C$27.00 to C$28.00 and gave the stock a "sector perform" rating in a research note on Thursday, January 30th. ATB Capital lowered their price objective on shares of MEG Energy from C$37.00 to C$35.00 in a research report on Wednesday, November 27th. Royal Bank of Canada cut their target price on shares of MEG Energy from C$33.00 to C$31.00 in a research report on Tuesday, January 14th. Finally, TD Securities lowered their price target on shares of MEG Energy from C$33.00 to C$32.00 and set a "buy" rating for the company in a report on Friday, February 28th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, MEG Energy has a consensus rating of "Hold" and an average price target of C$30.95.

MEG Energy Price Performance

Shares of MEG Energy stock traded up C$0.02 during trading on Wednesday, reaching C$24.85. 2,308,255 shares of the company's stock were exchanged, compared to its average volume of 2,812,833. 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 has a 1-year low of C$19.77 and a 1-year high of C$33.70. The company has a market cap of C$6.44 billion, a P/E ratio of 13.16, a PEG ratio of 0.17 and a beta of 2.89. The firm's 50-day moving average price is C$23.41 and its 200 day moving average price is C$24.54.

Remove Ads

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 issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.61%. MEG Energy's dividend payout ratio (DPR) is presently 21.19%.

Insider Buying and Selling

In related news, 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. Also, Director Darlene Miriam Gates sold 91,584 shares of the firm'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. 0.33% of the stock is currently owned by insiders.

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.