Insider Buying: MEG Energy Corp. (TSE:MEG) Director Acquires 8,500 Shares of Stock

MEG Energy Corp. (TSE:MEG) Director Robert Ross Rooney bought 8,500 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was purchased at an average price of C$23.06 per share, for a total transaction of C$195,993.00.

MEG Energy Stock Performance

MEG Energy stock opened at C$22.44 on Friday. MEG Energy Corp. has a twelve month low of C$22.33 and a twelve month high of C$33.70. The company has a quick ratio of 1.17, a current ratio of 1.54 and a debt-to-equity ratio of 26.35. The company has a market capitalization of C$6.05 billion, a P/E ratio of 10.69, a PEG ratio of 0.17 and a beta of 2.89. The stock’s 50 day moving average is C$25.40 and its 200 day moving average is C$26.63.

MEG Energy (TSE:MEG) last released its earnings results on Tuesday, November 5th. The company reported C$0.62 EPS for the quarter, missing analysts’ consensus estimates of C$0.63 by C($0.01). MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. The company had revenue of C$1.27 billion during the quarter, compared to analysts’ expectations of C$1.33 billion. On average, equities research analysts predict that MEG Energy Corp. will post 2.2734628 earnings per share for the current fiscal year.

MEG Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Wednesday, January 15th will be paid a dividend of $0.10 per share. The ex-dividend date is Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a yield of 1.78%. MEG Energy’s dividend payout ratio is currently 19.05%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on MEG. ATB Capital dropped their target price on shares of MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. TD Securities upped their target price on MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Jefferies Financial Group reduced their price objective on shares of 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. BMO Capital Markets reduced their price target on shares of MEG Energy from C$37.00 to C$34.00 in a research report on Friday, October 4th. Finally, Scotiabank upgraded MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 target price on the stock in a report on Wednesday, September 25th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of C$32.45.

About MEG Energy

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.