MEG Energy (TSE:MEG) Reaches New 52-Week High - Still a Buy?

Key Points

• MEG Energy's shares hit a new 52-week high of C$29.65, indicating strong market activity and investor interest, with a total volume of 390,051 shares traded.
• Recent analyst reports show a mixed sentiment, with Desjardins downgrading MEG's shares to a "tender" rating and a consensus rating of "Moderate Buy" with a price target of C$30.33.
• MEG Energy has announced an increase in its quarterly dividend from C$0.10 to C$0.11, reflecting a commitment to returning value to shareholders, with a current dividend yield of 1.5%.

Shares of MEG Energy Corp. (TSE:MEG - Get Free Report) hit a new 52-week high during trading on Wednesday . The company traded as high as C$29.65 and last traded at C$29.58, with a volume of 390051 shares trading hands. The stock had previously closed at C$28.24.

Wall Street Analyst Weigh In

MEG has been the topic of a number of recent research reports. Desjardins cut shares of MEG Energy from a "hold" rating to a "tender" rating and set a C$28.00 price target on the stock. in a research note on Monday, August 25th. Atb Cap Markets cut shares of MEG Energy from a "strong-buy" rating to a "hold" rating in a research note on Thursday, September 25th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of C$30.33.

MEG Energy Stock Up 5.5%

The company has a market cap of C$7.58 billion, a PE ratio of 14.25, a PEG ratio of 0.17 and a beta of 0.72. The stock's 50 day moving average price is C$27.85 and its 200-day moving average price is C$25.22. 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 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 paid a $0.11 dividend. This is a positive change from MEG Energy's previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.5%. MEG Energy's dividend payout ratio is currently 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.

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