MEG Energy Corp. to Issue Quarterly Dividend of $0.10 (TSE:MEG)

MEG Energy Corp. (TSE:MEG) announced a quarterly dividend on Tuesday, September 17th, Zacks reports. Investors of record on Tuesday, October 15th will be given a dividend of 0.10 per share on Tuesday, October 15th. This represents a $0.40 annualized dividend and a yield of 1.65%. The ex-dividend date is Tuesday, September 17th.

MEG Energy Price Performance

Shares of MEG opened at C$24.29 on Monday. The firm has a market cap of C$6.55 billion, a PE ratio of 11.57, a price-to-earnings-growth ratio of 0.17 and a beta of 2.92. MEG Energy has a 52-week low of C$22.79 and a 52-week high of C$33.70. The company has a debt-to-equity ratio of 26.35, a quick ratio of 1.17 and a current ratio of 1.54. The business’s 50 day moving average price is C$27.14 and its two-hundred day moving average price is C$29.10.

MEG Energy (TSE:MEG) last posted its quarterly earnings results on Thursday, July 25th. The company reported C$0.86 earnings per share for the quarter, beating the consensus estimate of C$0.69 by C$0.17. The firm had revenue of C$2.74 billion during the quarter, compared to the consensus estimate of C$1.28 billion. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. On average, equities analysts anticipate that MEG Energy will post 2.7951669 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on MEG shares. Scotiabank lifted their price objective on shares of MEG Energy from C$34.00 to C$35.00 in a report on Friday, July 12th. TD Securities raised MEG Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 7th. Raymond James set a C$28.00 target price on MEG Energy and gave the company a “market perform” rating in a research report on Wednesday, May 29th. Finally, Jefferies Financial Group lowered their price target on MEG Energy from C$35.00 to C$32.00 and set a “hold” rating for the company in a research report on Monday, July 15th. Seven research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, MEG Energy presently has a consensus rating of “Hold” and an average price target of C$34.00.

Insider Buying and Selling at MEG Energy

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