MEG Energy (TSE:MEG) Price Target Lowered to C$32.00 at TD Securities

MEG Energy (TSE:MEG) had its target price cut by TD Securities from C$33.00 to C$32.00 in a report released on Friday,BayStreet.CA reports. They currently have a buy rating on the stock.

MEG has been the subject of several other reports. Desjardins raised shares of MEG Energy from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, January 28th. National Bankshares boosted their target price 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. Royal Bank of Canada decreased 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, ATB Capital decreased their target price on shares of MEG Energy from C$37.00 to C$35.00 in a research report on Wednesday, November 27th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of C$31.64.

MEG Energy Stock Performance

MEG stock opened at C$22.52 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 22.80. The company has a market capitalization of C$5.84 billion, a price-to-earnings ratio of 11.93, a P/E/G ratio of 0.17 and a beta of 2.89. MEG Energy has a 12 month low of C$21.43 and a 12 month high of C$33.70. The firm has a 50 day moving average of C$23.56 and a two-hundred day moving average of C$24.97.

MEG Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Wednesday, January 15th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.78%. The ex-dividend date was Monday, December 16th. MEG Energy’s payout ratio is currently 21.19%.

Insider Activity at MEG Energy

In related news, Director Robert Ross Rooney bought 8,500 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was purchased at an average cost of C$23.06 per share, for a total transaction of C$195,993.00. Corporate 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.