MEG Energy Corp. (TSE:MEG) Announces Dividend Increase - $0.11 Per Share

Key Points

• MEG Energy Corp. announced a quarterly dividend increase to $0.11 per share, representing a 10.0% increase from the previous dividend of $0.10.
• Investors of record on September 12th will receive this dividend on October 15th, resulting in an annualized dividend yield of 1.6%.
• Despite the positive dividend news, shares of MEG Energy traded down 0.9% to C$27.31, with recent trading volumes below the average.

MEG Energy Corp. (TSE:MEG - Get Free Report) announced a quarterly dividend on Thursday, July 31st, RTT News reports. Investors of record on Friday, September 12th will be paid a dividend of 0.11 per share on Wednesday, October 15th. This represents a c) annualized dividend and a dividend yield of 1.7%. This is a 10.0% increase from MEG Energy's previous quarterly dividend of $0.10.

MEG Energy Trading Down 2.6%

Shares of MEG stock traded down C$0.71 during trading hours on Monday, hitting C$26.60. The company had a trading volume of 595,439 shares, compared to its average volume of 2,030,996. The company has a debt-to-equity ratio of 22.80, a current ratio of 1.55 and a quick ratio of 1.17. The stock has a market capitalization of C$6.89 billion, a PE ratio of 14.09, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. The company's fifty day moving average is C$26.00 and its 200 day moving average is C$23.75. MEG Energy has a fifty-two week low of C$17.00 and a fifty-two week high of C$28.64.

Analyst Upgrades and Downgrades

Separately, CIBC lowered their price target on shares of MEG Energy from C$32.00 to C$28.00 in a research report on Thursday, April 10th. Three equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of C$30.61.

MEG Energy Company Profile

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.