MEG Energy (TSE:MEG) Raised to “Outperform” at Scotiabank

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

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

MEG Energy Price Performance

TSE MEG opened at C$24.91 on Wednesday. The company has a 50-day moving average price of C$26.53 and a two-hundred day moving average price of C$28.88. MEG Energy has a 52 week low of C$22.79 and a 52 week high of C$33.70. The stock has a market cap of C$6.71 billion, a price-to-earnings ratio of 11.86, a price-to-earnings-growth ratio of 0.17 and a beta of 2.92. The company has a current ratio of 1.54, a quick ratio of 1.17 and a debt-to-equity ratio of 26.35.

MEG Energy (TSE:MEG) last posted its earnings results on Thursday, July 25th. The company reported C$0.86 EPS for the quarter, beating the consensus estimate of C$0.69 by C$0.17. MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. The firm had revenue of C$2.74 billion for the quarter, compared to analysts’ expectations of C$1.28 billion. Analysts forecast that MEG Energy will post 2.2403101 EPS for the current year.

MEG Energy Announces Dividend

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

Insiders Place Their Bets

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