MEG Energy (TSE:MEG) Reaches New 12-Month High - Here's Why

Key Points

• MEG Energy has reached a new 52-week high, trading at C$28.65, with a market capitalization of C$7.30 billion.
• Analysts have lowered their rating on the stock from "hold" to "tender," with a current consensus price target of C$30.78.
• The company has increased its quarterly dividend from $0.10 to $0.11, indicating a positive move for investors with an annualized dividend yield of 1.5%.

MEG Energy Corp. (TSE:MEG - Get Free Report) hit a new 52-week high on Tuesday . The company traded as high as C$28.65 and last traded at C$28.50, with a volume of 762168 shares. The stock had previously closed at C$28.25.

Analyst Upgrades and Downgrades

Separately, Desjardins lowered shares of MEG Energy from a "hold" rating to a "tender" rating and set a C$28.00 price target for the company. in a report on Monday, August 25th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, MEG Energy presently has a consensus rating of "Moderate Buy" and a consensus target price of C$30.78.

MEG Energy Trading Down 1.3%

The company has a market capitalization of C$7.21 billion, a P/E ratio of 13.56, a PEG ratio of 0.17 and a beta of 0.93. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 22.80. The business has a 50 day moving average price of C$26.91 and a 200 day moving average price of C$24.40.

MEG Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 15th will be given a $0.11 dividend. This is a boost from MEG Energy's previous quarterly dividend of $0.10. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, September 12th. MEG Energy's payout ratio is presently 19.14%.

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.