MEG Energy (TSE:MEG) Stock Rating Upgraded by Desjardins

Desjardins upgraded shares of MEG Energy (TSE:MEG - Free Report) from a hold rating to a moderate buy rating in a research report released on Tuesday morning,Zacks.com reports.

Other analysts also recently issued reports about the company. ATB Capital cut their target price on MEG Energy from C$37.00 to C$35.00 in a research report on Wednesday, November 27th. TD Securities upped their price objective on MEG Energy from C$35.00 to C$36.00 and gave the stock a "buy" rating in a research report on Wednesday, November 6th. Royal Bank of Canada dropped their price objective on MEG Energy from C$33.00 to C$31.00 in a research report on Tuesday, January 14th. Finally, BMO Capital Markets dropped their price objective on MEG Energy from C$37.00 to C$34.00 in a research report on Friday, October 4th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of C$32.00.

MEG Energy Price Performance

Shares of TSE:MEG traded down C$0.43 during trading on Tuesday, reaching C$23.77. 1,220,463 shares of the company traded hands, compared to its average volume of 2,255,026. The company's 50 day moving average is C$24.02 and its two-hundred day moving average is C$25.64. The firm has a market capitalization of C$6.41 billion, a PE ratio of 11.32, a PEG ratio of 0.17 and a beta of 2.89. The company has a quick ratio of 1.17, a current ratio of 1.54 and a debt-to-equity ratio of 26.35. MEG Energy has a 52 week low of C$22.02 and a 52 week high of C$33.70.

MEG Energy (TSE:MEG - Get Free Report) last released its earnings results on Tuesday, November 5th. The company reported C$0.62 earnings per share for the quarter, missing analysts' consensus estimates of C$0.63 by C($0.01). The company had revenue of C$1.27 billion for the quarter, compared to the consensus estimate of C$1.33 billion. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. As a group, sell-side analysts predict that MEG Energy will post 2.2734628 earnings per share for the current year.

MEG Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Wednesday, January 15th were paid a $0.10 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.40 annualized dividend and a dividend yield of 1.68%. MEG Energy's payout ratio is 19.05%.

Insider Activity

In other MEG Energy news, Director Kimberley Elizabeth Lynch Proctor bought 3,500 shares of the firm's stock in a transaction that occurred on Thursday, November 28th. The stock was acquired at an average price of C$25.06 per share, with a total value of C$87,713.85. Also, Director Robert Ross Rooney bought 8,500 shares of the firm's stock in a transaction that occurred on Wednesday, December 18th. The shares were acquired at an average cost of C$23.06 per share, with a total value of C$195,993.00. Over the last quarter, insiders purchased 12,805 shares of company stock valued at $303,669. Company insiders own 0.33% of the company's stock.

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.