MEG Energy (TSE:MEG) Hits New 52-Week Low Following Analyst Downgrade

MEG Energy Corp. (TSE:MEG)’s stock price hit a new 52-week low on Monday after TD Securities lowered their price target on the stock from C$33.00 to C$32.00. TD Securities currently has a buy rating on the stock. MEG Energy traded as low as C$21.49 and last traded at C$22.06, with a volume of 1395832 shares traded. The stock had previously closed at C$22.52.

MEG has been the subject of several other research reports. Royal Bank of Canada cut their price objective on MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. National Bankshares upped their price target on shares of MEG Energy from C$27.00 to C$28.00 and gave the company a “sector perform” rating in a report on Thursday, January 30th. Desjardins upgraded shares of MEG Energy from a “hold” rating to a “moderate buy” rating in a report on Tuesday, January 28th. Finally, ATB Capital reduced their target price on shares of MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of C$31.64.

Insider Buying and Selling at MEG Energy

In other MEG Energy news, Director Robert Ross Rooney bought 8,500 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were bought at an average price of C$23.06 per share, for a total transaction of C$195,993.00. Company insiders own 0.33% of the company’s stock.

MEG Energy Trading Down 8.5 %

The business’s 50-day simple moving average is C$23.52 and its 200-day simple moving average is C$24.92. The company has a market cap of C$5.34 billion, a PE ratio of 10.92, a P/E/G ratio of 0.17 and a beta of 2.89. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 22.80.

MEG Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Wednesday, January 15th were given a dividend of $0.10 per share. The ex-dividend date was Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a yield of 1.94%. MEG Energy’s payout ratio is 21.19%.

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.