MEG Energy (TSE:MEG) Price Target Lowered to C$28.00 at CIBC

MEG Energy (TSE:MEG) had its target price lowered by CIBC from C$32.00 to C$28.00 in a research note released on Thursday morning,BayStreet.CA reports.

Other research analysts have also issued reports about the company. Royal Bank of Canada decreased their price objective on MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. TD Securities decreased their price target on shares of MEG Energy from C$33.00 to C$32.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Desjardins cut shares of MEG Energy from a “buy” rating to a “hold” rating and dropped their price objective for the stock from C$29.00 to C$26.50 in a research note on Wednesday, March 19th. Scotiabank upgraded shares of MEG Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. Finally, National Bankshares lifted their price target on shares of MEG Energy from C$27.00 to C$28.00 and gave the company a “sector perform” rating in a research report on Thursday, January 30th. Five equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, MEG Energy has a consensus rating of “Hold” and a consensus target price of C$30.35.

MEG Energy Price Performance

MEG Energy stock opened at C$19.38 on Thursday. The company has a market capitalization of C$5.02 billion, a price-to-earnings ratio of 10.27, a PEG ratio of 0.17 and a beta of 2.89. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 22.80. MEG Energy has a 12 month low of C$17.00 and a 12 month high of C$32.65. The stock’s 50 day moving average is C$22.95 and its 200-day moving average is C$24.25.

MEG Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 15th will be paid a $0.10 dividend. The ex-dividend date is Thursday, March 20th. This represents a $0.40 dividend on an annualized basis and a yield of 2.06%. MEG Energy’s dividend payout ratio (DPR) is 21.19%.

Insiders Place Their Bets

In other MEG Energy news, Director Darlene Miriam Gates sold 91,584 shares of MEG Energy stock in a transaction dated Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total value of C$2,215,416.96. Also, Senior Officer Erik Alexander Alson sold 32,728 shares of the stock in a transaction dated Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total transaction of C$791,690.32. Corporate insiders own 0.33% of the company’s stock.

About MEG Energy

MEG Energy is engaged in in situ oil sands development and production in Alberta, Canada. As of March 2021, the company reported estimated net proved and probable reserves of 2 billion barrels of oil equivalent. Net production averaged 82,000 barrels per day in 2020.