MEG Energy (TSE:MEG) Given New C$31.00 Price Target at Royal Bank of Canada

MEG Energy (TSE:MEG - Free Report) had its target price trimmed by Royal Bank of Canada from C$33.00 to C$31.00 in a research note published on Tuesday morning,BayStreet.CA reports.

Other equities analysts also recently issued research reports about the company. Scotiabank upgraded MEG Energy from a "sector perform" rating to an "outperform" rating and set a C$35.00 target price on the stock in a research note on Wednesday, September 25th. National Bankshares reduced their price target on shares of MEG Energy from C$35.00 to C$31.00 in a research note on Friday, September 27th. BMO Capital Markets lowered their price objective on shares of MEG Energy from C$37.00 to C$34.00 in a research report on Friday, October 4th. Jefferies Financial Group decreased their price target on shares of MEG Energy from C$32.00 to C$26.00 and set a "hold" rating for the company in a research note on Monday, September 16th. Finally, TD Securities increased their price objective on MEG Energy from C$35.00 to C$36.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, MEG Energy presently has an average rating of "Moderate Buy" and an average price target of C$32.27.

MEG Energy Price Performance

Shares of TSE:MEG traded up C$0.01 during midday trading on Tuesday, reaching C$23.71. 2,358,406 shares of the company were exchanged, compared to its average volume of 2,349,603. The stock has a market cap of C$6.39 billion, a PE ratio of 11.29, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. The business's fifty day moving average is C$24.49 and its two-hundred day moving average is C$26.04. MEG Energy has a one year low of C$22.02 and a one year high of C$33.70. The company has a current ratio of 1.54, a quick ratio of 1.17 and a debt-to-equity ratio of 26.35.

MEG Energy (TSE:MEG - Get Free Report) last announced its earnings results on Tuesday, November 5th. The company reported C$0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.63 by C($0.01). The business had revenue of C$1.27 billion for the quarter, compared to analysts' expectations 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, analysts predict that MEG Energy will post 2.2734628 earnings per share for the current year.

MEG Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Wednesday, January 15th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.69%. The ex-dividend date is Monday, December 16th. MEG Energy's dividend payout ratio (DPR) is 19.05%.

Insider Buying and Selling at MEG Energy

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

MEG Energy Company Profile

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.