MEG Energy Corp. (TSE:MEG - Get Free Report)'s stock price 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$18.75 and last traded at C$18.99. 443,108 shares were traded during trading, a decline of 84% from the average session volume of 2,710,125 shares. The stock had previously closed at C$19.47.
Other research analysts have also recently issued reports about the stock. Scotiabank upgraded shares of MEG Energy to a "strong-buy" rating in a report on Wednesday, March 19th. National Bankshares increased their price objective 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. Desjardins downgraded MEG Energy from a "buy" rating to a "hold" rating and decreased their price target for the stock from C$29.00 to C$26.50 in a report on Wednesday, March 19th. TD Securities dropped their price objective on MEG Energy from C$33.00 to C$32.00 and set a "buy" rating on the stock in a research note on Friday, February 28th. Finally, Royal Bank of Canada reduced their target price on shares of MEG Energy from C$33.00 to C$31.00 in a research note on Tuesday, January 14th. Five investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of C$30.35.
Read Our Latest Stock Analysis on MEG
Insider Buying and Selling at MEG Energy
In other news, Senior Officer Erik Alexander Alson sold 32,728 shares of MEG Energy stock in a transaction 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 dated Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total value of C$2,215,416.96. Corporate insiders own 0.33% of the company's stock.
MEG Energy Trading Up 3.9 %
The company has a debt-to-equity ratio of 22.80, a current ratio of 1.55 and a quick ratio of 1.17. The company has a market cap of C$5.23 billion, a PE ratio of 10.68, a PEG ratio of 0.17 and a beta of 2.89. The firm's 50 day moving average is C$22.79 and its 200 day moving average is C$24.17.
MEG Energy Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 15th were given a $0.10 dividend. The ex-dividend date was Thursday, March 20th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.98%. MEG Energy's dividend payout ratio (DPR) is presently 21.19%.
MEG Energy Company Profile
(
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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.
Further Reading
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