Raymond James Decreases Earnings Estimates for MEG Energy

MEG Energy Corp. (TSE:MEG - Free Report) - Investment analysts at Raymond James lowered their FY2025 earnings per share (EPS) estimates for shares of MEG Energy in a research report issued on Wednesday, May 7th. Raymond James analyst M. Barth now anticipates that the company will earn $1.77 per share for the year, down from their previous forecast of $2.68. The consensus estimate for MEG Energy's current full-year earnings is $2.27 per share. Raymond James also issued estimates for MEG Energy's FY2026 earnings at $1.39 EPS, FY2027 earnings at $1.73 EPS and FY2028 earnings at $2.74 EPS.

A number of other research analysts have also weighed in on MEG. CIBC cut their price objective on MEG Energy from C$32.00 to C$28.00 in a report on Thursday, April 10th. National Bankshares increased their price objective on MEG Energy from C$27.00 to C$28.00 and gave the company a "sector perform" rating in a report on Thursday, January 30th. TD Securities cut their price objective on MEG Energy from C$33.00 to C$32.00 and set a "buy" rating on the stock in a report on Friday, February 28th. Desjardins lowered MEG Energy from a "buy" rating to a "hold" rating and cut their price objective for the company from C$29.00 to C$26.50 in a report on Wednesday, March 19th. Finally, Royal Bank of Canada cut their price objective on MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. Four equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of C$30.35.

MEG Energy Stock Up 2.8%

TSE:MEG traded up C$0.60 during mid-day trading on Monday, hitting C$22.01. 1,646,837 shares of the company's stock traded hands, compared to its average volume of 2,526,912. The company has a fifty day moving average of C$21.85 and a 200 day moving average of C$23.31. MEG Energy has a twelve month low of C$17.00 and a twelve month high of C$31.18. The company has a market capitalization of C$5.71 billion, a P/E ratio of 11.66, a P/E/G ratio of 0.17 and a beta of 2.89. The company has a debt-to-equity ratio of 22.80, a quick ratio of 1.17 and a current ratio of 1.55.

MEG Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 15th were given a dividend of $0.10 per share. The ex-dividend date was Thursday, March 20th. This represents a $0.40 dividend on an annualized basis and a yield of 1.82%. MEG Energy's dividend payout ratio is currently 21.19%.

Insiders Place Their Bets

In other news, Senior Officer Erik Alexander Alson sold 32,728 shares of the firm's stock in a transaction that occurred on Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total value of C$791,690.32. Also, Director Darlene Miriam Gates sold 91,584 shares of the firm's stock in a transaction that occurred on Saturday, March 15th. The shares were sold at an average price of C$24.19, for a total value of C$2,215,416.96. 0.33% of the stock is currently owned by company insiders.

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.