MEG Energy (TSE:MEG) Upgraded to “Outperform” by Scotiabank

Scotiabank upgraded shares of MEG Energy (TSE:MEG) from a sector perform rating to an outperform rating in a research report sent to investors on Wednesday morning, MarketBeat Ratings reports. Scotiabank currently has C$35.00 price objective on the stock.

A number of other equities analysts have also recently weighed in on the stock. TD Securities raised shares of MEG Energy from a hold rating to a strong-buy rating in a research report on Friday, June 7th. Royal Bank of Canada reduced their target price on MEG Energy from C$39.00 to C$35.00 in a research note on Tuesday, September 17th. Raymond James set a C$28.00 target price on shares of MEG Energy and gave the company a market perform rating in a research note on Wednesday, May 29th. Finally, Jefferies Financial Group decreased their target price on MEG Energy from C$32.00 to C$26.00 and set a hold rating for the company in a research report on Monday, September 16th. Six equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of C$32.55.

MEG Energy Price Performance

Shares of TSE MEG opened at C$24.91 on Wednesday. The business has a 50-day moving average of C$26.46 and a 200-day moving average of C$28.86. The company has a market capitalization of C$6.71 billion, a price-to-earnings ratio of 11.86, a PEG ratio of 0.17 and a beta of 2.92. The company has a debt-to-equity ratio of 26.35, a current ratio of 1.54 and a quick ratio of 1.17. MEG Energy has a 1-year low of C$22.79 and a 1-year high of C$33.70.

MEG Energy (TSE:MEG) last posted its quarterly earnings data on Thursday, July 25th. The company reported C$0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$0.69 by C$0.17. The company 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%. On average, equities analysts anticipate that MEG Energy will post 2.2403101 EPS for the current fiscal year.

MEG Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 15th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.61%. The ex-dividend date is Tuesday, September 17th. MEG Energy’s dividend payout ratio (DPR) is 19.05%.

Insider Transactions at MEG Energy

In other news, Director Michael Mcallister acquired 7,400 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average cost of C$25.67 per share, for a total transaction of C$189,986.86. In other MEG Energy news, Director Michael Mcallister bought 7,400 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased 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 business’s stock in a transaction on Friday, August 30th. The shares were acquired at an average cost of C$26.94 per share, for a total transaction of C$134,700.00. Insiders own 0.33% of the company’s stock.

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.