MEG Energy Corp. (TSE:MEG) Director Michael Mcallister Buys 7,400 Shares
MEG Energy Corp. director Michael Mcallister has purchased 7,400 shares of the company's stock at an average price of C.67 per share, totaling C,986.86. The stock saw a rise of 0.6%, trading at C.65. MEG Energy recently reported earnings exceeding analysts' estimates and declared a quarterly dividend of C.10 per share. Analysts have given a mixed rating, with a consensus rating of "Hold" and an average target price of C.00. The company's focus is on sustainable oil production in Alberta, Canada.
MEG Energy Corp. (TSE:MEG - Get Free Report) Director Michael Mcallister bought 7,400 shares of the business's stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average price of C$25.67 per share, with a total value of C$189,986.86.
MEG Energy Trading Up 0.6 %
MEG traded up C$0.15 during midday trading on Wednesday, hitting C$25.65. 480,805 shares of the company were exchanged, compared to its average volume of 1,619,994. The firm's 50 day moving average price is C$27.84 and its 200-day moving average price is C$29.21. MEG Energy Corp. has a 1-year low of C$22.79 and a 1-year high of C$33.70. The firm has a market capitalization of C$6.91 billion, a P/E ratio of 12.14, 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 - Get Free Report) last released its earnings results on Thursday, July 25th. The company reported C$0.86 earnings per share for the quarter, beating analysts' consensus estimates of C$0.69 by C$0.17. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. The business had revenue of C$2.74 billion during the quarter, compared to the consensus estimate of C$1.28 billion. As a group, equities analysts forecast that MEG Energy Corp. will post 2.4093357 EPS for the current fiscal year.
MEG Energy Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 17th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date is Tuesday, September 17th. MEG Energy's dividend payout ratio is presently 19.05%.
Analysts Set New Price Targets
Several analysts recently weighed in on the company. Jefferies Financial Group dropped their price objective 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. Scotiabank raised their price target on shares of MEG Energy from C$34.00 to C$35.00 in a research note on Friday, July 12th. TD Securities raised shares of MEG Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, June 7th. Finally, Raymond James set a C$28.00 target price on shares of MEG Energy and gave the stock a "market perform" rating in a research note on Wednesday, May 29th. Seven investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of C$34.00.
Get Our Latest Research Report on MEG Energy
About MEG Energy
(Get Free Report)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.
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