Royal Bank of Canada Cuts MEG Energy (TSE:MEG) Price Target to C$31.00

MEG Energy (TSE:MEG) had its target price lowered by Royal Bank of Canada from C$33.00 to C$31.00 in a report released on Tuesday morning,BayStreet.CA reports.

A number of other research firms have also commented on MEG. Scotiabank upgraded MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price objective on the stock in a research note on Wednesday, September 25th. Jefferies Financial Group dropped their price target on 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. BMO Capital Markets reduced their price objective on shares of MEG Energy from C$37.00 to C$34.00 in a research note on Friday, October 4th. ATB Capital dropped their target price on shares of MEG Energy from C$37.00 to C$35.00 in a research report on Wednesday, November 27th. Finally, National Bankshares reduced their price target on shares of MEG Energy from C$35.00 to C$31.00 in a research report on Friday, September 27th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of C$32.27.

MEG Energy Trading Down 3.2 %

MEG stock opened at C$23.23 on Tuesday. MEG Energy has a 52 week low of C$22.02 and a 52 week high of C$33.70. The company has a market capitalization of C$6.26 billion, a PE ratio of 11.06, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. The company’s 50-day simple moving average is C$24.34 and its 200 day simple moving average is C$25.96. The company has a debt-to-equity ratio of 26.35, a quick ratio of 1.17 and a current ratio of 1.54.

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

MEG Energy Dividend Announcement

The company 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. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date of this dividend was Monday, December 16th. MEG Energy’s payout ratio is 19.05%.

Insider Activity at MEG Energy

In other MEG Energy news, Director Robert Ross Rooney bought 8,500 shares of the business’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, for a total transaction of C$195,993.00. Also, Director Kimberley Elizabeth Lynch Proctor bought 3,500 shares of MEG Energy stock in a transaction on Thursday, November 28th. The shares were acquired at an average cost of C$25.06 per share, for a total transaction of C$87,713.85. Insiders have bought a total of 12,805 shares of company stock valued at $303,669 in the last 90 days. 0.33% of the stock is owned by corporate insiders.

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.