MEG Energy (TSE:MEG) Trading Up 15.5% – Here’s Why

MEG Energy Corp. (TSE:MEG)’s share price traded up 15.5% on Friday . The company traded as high as C$28.64 and last traded at C$24.60. 4,067,625 shares traded hands during mid-day trading, an increase of 62% from the average session volume of 2,508,243 shares. The stock had previously closed at C$21.30.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Desjardins cut shares of MEG Energy from a “buy” rating to a “hold” rating and reduced their price objective for the stock from C$29.00 to C$26.50 in a research note on Wednesday, March 19th. National Bankshares upped their target price on shares of MEG Energy from C$27.00 to C$28.00 and gave the stock a “sector perform” rating in a report on Thursday, January 30th. Scotiabank upgraded shares of MEG Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. CIBC cut their price target on shares of MEG Energy from C$32.00 to C$28.00 in a research report on Thursday, April 10th. Finally, TD Securities decreased their price target on shares of 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. Four analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, MEG Energy has a consensus rating of “Moderate Buy” and an average target price of C$30.35.

MEG Energy Trading Up 18.7%

The business has a fifty day moving average of C$21.85 and a 200-day moving average of C$23.25. The company has a debt-to-equity ratio of 22.80, a quick ratio of 1.17 and a current ratio of 1.55. The company has a market capitalization of C$6.56 billion, a P/E ratio of 13.40, a PEG ratio of 0.17 and a beta of 2.89.

MEG Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 15th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.58%. The ex-dividend date was Thursday, March 20th. MEG Energy’s dividend payout ratio (DPR) is presently 21.19%.

Insider Transactions at MEG Energy

In related news, Director Darlene Miriam Gates sold 91,584 shares of the business’s stock in a transaction that occurred on Saturday, March 15th. The stock was 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 the business’s stock in a transaction that occurred on Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total value of C$791,690.32. Company insiders own 0.33% of the company’s stock.

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.