MEG Energy (TSE:MEG) Trading Up 3.1% - Here's Why

Shares of MEG Energy Corp. (TSE:MEG - Get Free Report) rose 3.1% during trading on Wednesday . The stock traded as high as C$19.40 and last traded at C$19.10. Approximately 2,483,620 shares traded hands during trading, a decline of 8% from the average daily volume of 2,697,796 shares. The stock had previously closed at C$18.53.

Analyst Upgrades and Downgrades

MEG has been the subject of a number of analyst reports. TD Securities decreased their price objective on shares of MEG Energy from C$33.00 to C$32.00 and set a "buy" rating for the company in a research report on Friday, February 28th. National Bankshares increased their price target on MEG Energy from C$27.00 to C$28.00 and gave the stock a "sector perform" rating in a research report on Thursday, January 30th. CIBC cut their price objective on MEG Energy from C$32.00 to C$28.00 in a research report on Thursday. Desjardins lowered MEG Energy from a "buy" rating to a "hold" rating and decreased their target price for the company from C$29.00 to C$26.50 in a research report on Wednesday, March 19th. Finally, Scotiabank raised shares of MEG Energy to a "strong-buy" rating in a report on Wednesday, March 19th. Five investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of C$30.35.

MEG Energy Price Performance

The firm has a market capitalization of C$4.95 billion, a price-to-earnings ratio of 10.11, a PEG ratio of 0.17 and a beta of 2.89. The stock's 50-day moving average price is C$22.95 and its 200 day moving average price is C$24.24. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 22.80.

MEG Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 15th will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.10%. MEG Energy's dividend payout ratio (DPR) is presently 21.19%.

Insider Buying and Selling

In other news, Director Darlene Miriam Gates sold 91,584 shares of the 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. Also, Senior Officer Erik Alexander Alson sold 32,728 shares of MEG Energy 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 transaction of C$791,690.32. 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.