Royal Bank of Canada Has Lowered Expectations for MEG Energy (TSE:MEG) Stock Price

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 published on Tuesday morning,BayStreet.CA reports.

MEG has been the topic of several other research reports. Scotiabank raised MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price target on the stock in a report on Wednesday, September 25th. Jefferies Financial Group lowered their target price on shares of MEG Energy from C$32.00 to C$26.00 and set a “hold” rating on the stock in a research note on Monday, September 16th. TD Securities lifted their target price on shares of MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. ATB Capital decreased their price target on shares of MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. Finally, National Bankshares dropped their price objective on shares of MEG Energy from C$35.00 to C$31.00 in a report on Friday, September 27th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, MEG Energy currently has a consensus rating of “Moderate Buy” and an average target price of C$32.27.

MEG Energy Price Performance

Shares of TSE:MEG opened at C$23.71 on Tuesday. MEG Energy has a 12 month low of C$22.02 and a 12 month 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. The stock has a market cap of C$6.39 billion, a P/E ratio of 11.29, a P/E/G ratio of 0.17 and a beta of 2.89. The company has a 50 day moving average of C$24.49 and a 200 day moving average of C$26.04.

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

MEG Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Wednesday, January 15th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.69%. The ex-dividend date is Monday, December 16th. MEG Energy’s dividend payout ratio is presently 19.05%.

Insider Buying and Selling at MEG Energy

In related news, Director Robert Ross Rooney acquired 8,500 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was purchased at an average price of C$23.06 per share, with a total value of C$195,993.00. Also, Director Kimberley Elizabeth Lynch Proctor bought 3,500 shares of the business’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. Insiders acquired a total of 12,805 shares of company stock worth $303,669 over the last three months. Company 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.