MEG Energy (TSE:MEG) Receives Upgrade from Desjardins
On January 31, 2025, Desjardins enhanced its rating for MEG Energy (TSE:MEG) from a hold to a moderate buy in a research report released on Tuesday morning, as reported by Zacks.com.
Several other financial institutions have also recently provided updates regarding MEG's stock. For instance, BMO Capital Markets reduced their price target for MEG Energy shares from C$37.00 to C$34.00 in an analysis published on October 4, 2024. Alongside this, ATB Capital adjusted their price objective from C$37.00 to C$35.00 in a research note dated November 27, 2024. Similarly, the Royal Bank of Canada lowered its target from C$33.00 to C$31.00 in a report dated January 14, 2025. Conversely, TD Securities raised their target price from C$35.00 to C$36.00, awarding the stock a buy rating in a November 6, 2024 report. In total, four research analysts have assigned a hold rating to the stock while five have classified it as a buy. According to data from MarketBeat, MEG Energy currently holds a consensus rating of "Moderate Buy" along with a consensus price target set at C$32.00.
Current Stock Performance
Shares of MEG Energy commenced trading at C$23.96 on Tuesday. The company boasts a market capitalization of C$6.46 billion, with a price-to-earnings (P/E) ratio of 11.41, a price/earnings to growth (PEG) ratio of 0.17, and a beta of 2.89. The firm’s 50-day moving average stands at C$24.02, while the 200-day moving average is recorded at C$25.64. MEG Energy has a current ratio of 1.54, a quick ratio of 1.17, and a debt-to-equity ratio of 26.35, indicating a robust financial stance. Over the past year, the stock's lowest and highest trading prices reached C$22.02 and C$33.70, respectively.
In the latest earnings report, MEG Energy disclosed its quarterly results on November 5, 2024. The company reported earnings per share (EPS) of C$0.62 for the quarter, which was slightly below the consensus estimate of C$0.63, a deviation of C(C$0.01). MEG Energy posted a net margin of 10.43% and a return on equity of 12.99%. The firm's revenue for the quarter was C$1.27 billion, compared to the expected figure of C$1.33 billion. Analysts project that MEG Energy will achieve an EPS of approximately 2.27 for the current year.
Recent Dividend Declaration
Additionally, MEG Energy recently announced a quarterly dividend, which was paid out on January 15, 2025. Shareholders of record on that date received a dividend of $0.10. The ex-dividend date preceded this payout on December 16, 2024, indicating that the annualized dividend amounts to $0.40, yielding 1.67%. Presently, MEG Energy’s dividend payout ratio is calculated at 19.05%.
Insider Transactions
In other notable updates regarding MEG Energy, Director Robert Ross Rooney purchased 8,500 shares of the company’s stock on December 18, 2024, at an average price of C$23.06 per share, resulting in a total expenditure of C$195,993.00. Additionally, Director Kimberley Elizabeth Lynch Proctor acquired 3,500 shares at an average price of C$25.06 per share on November 28, 2024, totaling C$87,713.85. Over the past quarter, insiders acquired a total of 12,805 shares of MEG Energy stock, amounting to C$303,669. Presently, corporate insiders hold 0.33% of the company's shares.
MEG Energy Overview
MEG Energy Corp. is primarily engaged in the sustainable extraction of thermal oil through its Christina Lake Project located in the southern Athabasca oil region of Alberta, Canada. The company is dedicated to developing oil recovery projects that utilize steam-assisted gravity drainage techniques, which aim to enhance oil recovery while minimizing carbon emissions.
MEG, Energy, Desjardins