MEG Energy Kept at Outperform by National Bank Following Q4 Results; Price Target Maintained at C$26.00
11:23 AM EST, 02/28/2023 (MT Newswires) -- National Bank Financial on Tuesday reiterated its outperform rating on the shares of MEG Energy (MEG.TO) and its C$26.00 price target after the oil-sands producer reported fourth-quarter results in line with the investment bank's expectations.
"Average production of 111 mbbl/d (+9% Q/Q; +10% Y/Y) was in line with NBF at 112 mbbl/d and consensus at 110 mbbl/d while CFPS of $1.34 (-17% Q/Q; +52% Y/Y) was similarly in line with both NBF and consensus estimates at $1.32. Total cash flow in the quarter was $401 million (NBF $392 mln)," analyst Travis Wood wrote. " ... Capex was $106 million (FY $376 mln), which compared to our estimate of $105 million and consensus at $106 million, implying a payout ratio of ~26%."
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 22.29, Change: -0.19, Percent Change: -0.85