MEG Energy (TSE:MEG) Issues Quarterly Earnings Results

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

MEG Energy Trading Down 0.5%

Shares of MEG traded down C$0.16 during mid-day trading on Wednesday, hitting C$30.60. The company had a trading volume of 82,912 shares, compared to its average volume of 1,838,931. MEG Energy has a 1-year low of C$17.00 and a 1-year high of C$30.86. The business’s 50-day simple moving average is C$29.09 and its 200-day simple moving average is C$26.68. The stock has a market cap of C$7.78 billion, a PE ratio of 14.64, a P/E/G ratio of 0.17 and a beta of 0.45. 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 announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Wednesday, October 15th were given a $0.11 dividend. This is a boost from MEG Energy’s previous quarterly dividend of $0.10. This represents a $0.44 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend was Friday, September 12th. MEG Energy’s dividend payout ratio is 19.14%.

Analyst Upgrades and Downgrades

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