MEG Energy (TSE:MEG) Reaches New 52-Week Low – Should You Sell?

by · The Cerbat Gem

MEG Energy Corp. (TSE:MEG – Get Free Report)’s share price reached a new 52-week low during mid-day trading on Friday . The company traded as low as C$19.37 and last traded at C$19.55, with a volume of 2383225 shares traded. The stock had previously closed at C$22.81.

Analyst Upgrades and Downgrades

MEG has been the subject of several recent analyst reports. TD Securities reduced 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. Royal Bank of Canada reduced their price target on shares of MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. Desjardins lowered shares of MEG Energy from a “buy” rating to a “hold” rating and dropped their price objective for the company from C$29.00 to C$26.50 in a report on Wednesday, March 19th. National Bankshares raised their target price 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. Finally, Scotiabank raised MEG Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. Five research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of C$30.95.

Check Out Our Latest Stock Analysis on MEG Energy

MEG Energy Price Performance

The firm has a market cap of C$5.17 billion, a price-to-earnings ratio of 10.57, a P/E/G ratio of 0.17 and a beta of 2.89. The business has a 50 day simple moving average of C$23.59 and a 200-day simple moving average of C$24.56. The company has a debt-to-equity ratio of 22.80, a quick ratio of 1.17 and a current ratio of 1.55.

MEG Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 15th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $0.40 annualized dividend and a yield of 2.01%. MEG Energy’s dividend payout ratio (DPR) is currently 21.19%.

Insider Activity at MEG Energy

In other news, Senior Officer Erik Alexander Alson sold 32,728 shares of the company’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. Also, Director Darlene Miriam Gates sold 91,584 shares of MEG Energy stock in a transaction 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. 0.33% of the stock is currently owned by insiders.

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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