National Bankshares Trims MEG Energy (TSE:MEG) Target Price to C$31.00

MEG Energy (TSE:MEG) had its target price reduced by National Bankshares from C$35.00 to C$31.00 in a research report report published on Friday, BayStreet.CA reports.

A number of other research firms also recently commented on MEG. TD Securities upgraded MEG Energy from a hold rating to a strong-buy rating in a report on Friday, June 7th. Jefferies Financial Group cut their price target on shares of MEG Energy from C$32.00 to C$26.00 and set a hold rating on the stock in a report on Monday, September 16th. Scotiabank upgraded shares of MEG Energy from a sector perform rating to an outperform rating and set a C$35.00 price objective for the company in a research note on Wednesday, September 25th. Finally, Royal Bank of Canada dropped their price objective on shares of MEG Energy from C$39.00 to C$35.00 in a research report on Tuesday, September 17th. Six analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of C$32.55.

MEG Energy Trading Up 2.0 %

Shares of MEG Energy stock opened at C$25.41 on Friday. The business’s fifty day moving average is C$26.46 and its two-hundred day moving average is C$28.86. MEG Energy has a fifty-two week low of C$22.79 and a fifty-two week high of C$33.70. The firm has a market cap of C$6.85 billion, a PE ratio of 12.10, a P/E/G ratio of 0.17 and a beta of 2.92. 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 (TSE:MEG) last announced its quarterly earnings data on Thursday, July 25th. The company reported C$0.86 earnings per share for the quarter, topping the consensus estimate of C$0.69 by C$0.17. The business had revenue of C$2.74 billion for the quarter, compared to analyst estimates of C$1.28 billion. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. Analysts anticipate that MEG Energy will post 2.2403101 earnings per share for the current year.

MEG Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 15th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.57%. The ex-dividend date is Tuesday, September 17th. MEG Energy’s payout ratio is currently 19.05%.

Insider Buying and Selling at MEG Energy

In other MEG Energy news, Director Michael Mcallister acquired 7,400 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average price of C$25.67 per share, with a total value of C$189,986.86. In other news, Director James D. Mcfarland acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The shares were purchased at an average cost of C$26.94 per share, for a total transaction of C$134,700.00. Also, Director Michael Mcallister purchased 7,400 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average cost of C$25.67 per share, with a total value of C$189,986.86. 0.33% of the stock is owned by insiders.

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.