MEG Energy Corp. (TSE:MEG - Get Free Report) shares crossed above its 50-day moving average during trading on Wednesday after Scotiabank upgraded the stock to a strong-buy rating. The stock has a 50-day moving average of C$28.54 and traded as high as C$29.18. MEG Energy shares last traded at C$29.08, with a volume of 1,012,056 shares trading hands.
Several other equities research analysts have also weighed in on the company. Royal Bank Of Canada dropped their price target on MEG Energy from C$33.00 to C$31.00 in a research report on Tuesday, January 14th. TD Securities lowered their price objective on MEG Energy from C$33.00 to C$32.00 and set a "buy" rating for the company in a research note on Friday, February 28th. Desjardins cut MEG Energy from a "buy" rating to a "hold" rating and lowered their price objective for the company from C$29.00 to C$26.50 in a research note on Wednesday, March 19th. ATB Capital lowered their price objective on MEG Energy from C$37.00 to C$35.00 in a research note on Wednesday, November 27th. Finally, National Bankshares lifted their price objective on MEG Energy from C$27.00 to C$28.00 and gave the company a "sector perform" rating in a research note on Thursday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of C$29.67.
Get Our Latest Stock Analysis on MEG
MEG Energy Stock Up 0.3%
The company has a 50 day moving average price of C$28.54 and a two-hundred day moving average price of C$25.61. 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 cap of C$7.40 billion, a PE ratio of 13.91, a PEG ratio of 0.17 and a beta of 0.72.
MEG Energy Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Wednesday, October 15th were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 1.5%. This is a boost from MEG Energy's previous quarterly dividend of $0.10. The ex-dividend date was Friday, September 12th. MEG Energy's dividend payout ratio (DPR) is currently 19.14%.
About MEG Energy
(
Get Free Report)
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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