MEG Energy (TSE:MEG) Releases Quarterly Earnings Results

MEG Energy (TSE:MEG) issued its quarterly earnings results on Monday. The company reported C$0.62 earnings per share for the quarter, FiscalAI reports. MEG Energy had a return on equity of 11.06% and a net margin of 9.04%.The firm had revenue of C$1.18 billion during the quarter.

MEG Energy Price Performance

Shares of MEG traded down C$0.18 on Wednesday, reaching C$30.58. The stock had a trading volume of 93,447 shares, compared to its average volume of 1,838,969. MEG Energy has a twelve month low of C$17.00 and a twelve month high of C$30.86. The firm has a market capitalization of C$7.78 billion, a PE ratio of 14.63, a PEG ratio of 0.17 and a beta of 0.45. The firm has a 50-day moving average of C$29.09 and a 200 day moving average of C$26.68. 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 Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders 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 dividend yield of 1.4%. The ex-dividend date was Friday, September 12th. This is a positive change from MEG Energy’s previous quarterly dividend of $0.10. MEG Energy’s payout ratio is 19.14%.

Analysts Set New Price Targets

MEG has been the subject of several recent analyst reports. Desjardins cut shares of MEG Energy from a “hold” rating to a “tender” rating and set a C$28.00 target price for the company. in a research note on Monday, August 25th. TD Securities cut shares of MEG Energy from a “buy” rating to a “sell” rating and cut their price target for the stock from C$30.00 to C$28.00 in a report on Wednesday, October 22nd. Finally, Atb Cap Markets lowered MEG Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 25th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of C$29.67.

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.