MEG Energy (TSE:MEG) Stock Price Down 2.5% After Analyst Downgrade

MEG Energy Corp. (TSE:MEG - Get Free Report) shares traded down 2.5% on Friday after CIBC lowered their price target on the stock from C$32.00 to C$28.00. The company traded as low as C$18.59 and last traded at C$18.98. 811,807 shares were traded during mid-day trading, a decline of 70% from the average session volume of 2,713,631 shares. The stock had previously closed at C$19.47.

MEG has been the subject of several other reports. Scotiabank raised MEG Energy to a "strong-buy" rating in a research note on Wednesday, March 19th. Royal Bank of Canada cut their price objective on shares of MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. Desjardins lowered shares of MEG Energy from a "buy" rating to a "hold" rating and reduced their target price for the stock from C$29.00 to C$26.50 in a research note on Wednesday, March 19th. TD Securities dropped their price target on shares of MEG Energy from C$33.00 to C$32.00 and set a "buy" rating on the stock in a research report on Friday, February 28th. Finally, National Bankshares upped their price objective on shares of MEG Energy from C$27.00 to C$28.00 and gave the stock a "sector perform" rating in a research report on Thursday, January 30th. Five research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of C$30.35.

Insiders Place Their Bets

In other MEG Energy news, Senior Officer Erik Alexander Alson sold 32,728 shares of MEG Energy 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$791,690.32. Also, Director Darlene Miriam Gates sold 91,584 shares of the stock in a transaction 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. Company insiders own 0.33% of the company's stock.

MEG Energy Price Performance

The stock has a market capitalization of C$5.23 billion, a P/E ratio of 10.68, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. The company has a debt-to-equity ratio of 22.80, a quick ratio of 1.17 and a current ratio of 1.55. The firm has a 50-day moving average price of C$22.79 and a 200 day moving average price of C$24.17.

MEG Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 15th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date was Thursday, March 20th. MEG Energy's payout ratio is currently 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.