MEG Energy (TSE:MEG) had its price target raised by analysts at Scotiabank from C$6.00 to C$8.00 in a research note issued to investors on Thursday, BayStreet.CA reports. Scotiabank’s price target indicates a potential upside of 19.40% from the stock’s previous close.
Other equities analysts also recently issued reports about the stock. ATB Capital boosted their price target on shares of MEG Energy from C$7.25 to C$8.50 in a report on Friday, March 5th. Royal Bank of Canada reiterated an “outperform” rating and set a C$9.00 price target on shares of MEG Energy in a research report on Tuesday, April 6th. TD Securities raised MEG Energy from a “hold” rating to a “buy” rating and boosted their price objective for the stock from C$7.00 to C$9.50 in a report on Wednesday, March 24th. CSFB boosted their price objective on MEG Energy from C$4.25 to C$5.25 and gave the stock a “neutral” rating in a report on Monday, January 11th. Finally, Eight Capital upped their target price on MEG Energy to C$9.00 and gave the stock a “na” rating in a research note on Wednesday, February 17th. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. MEG Energy currently has an average rating of “Hold” and an average price target of C$7.41.
MEG Energy stock traded down C$0.14 during mid-day trading on Thursday, hitting C$6.70. 1,171,740 shares of the stock were exchanged, compared to its average volume of 3,350,050. The company has a quick ratio of 0.89, a current ratio of 1.12 and a debt-to-equity ratio of 91.22. MEG Energy has a 12 month low of C$2.14 and a 12 month high of C$8.10. The firm’s fifty day simple moving average is C$6.86 and its two-hundred day simple moving average is C$4.69. The stock has a market capitalization of C$2.03 billion and a price-to-earnings ratio of -5.67.
MEG Energy (TSE:MEG) last posted its quarterly earnings results on Wednesday, March 3rd. The company reported C$0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of C($0.09) by C$0.14. The business had revenue of C$786.00 million during the quarter, compared to analyst estimates of C$742.87 million. As a group, analysts forecast that MEG Energy will post 1.0447272 earnings per share for the current fiscal year.
In related news, Senior Officer Chi-Tak Yee sold 281,013 shares of the company’s stock in a transaction dated Thursday, April 1st. The stock was sold at an average price of C$6.64, for a total transaction of C$1,865,504.80. Following the transaction, the insider now directly owns 156,027 shares of the company’s stock, valued at approximately C$1,035,785.24. Also, Director Robert Bruce Hodgins sold 17,834 shares of the company’s stock in a transaction dated Thursday, April 1st. The shares were sold at an average price of C$6.64, for a total value of C$118,391.01. Following the transaction, the director now directly owns 15,491 shares in the company, valued at C$102,837.
About MEG Energy
MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production in the southern Athabasca region of Alberta, Canada. The company owns a 100% interest in approximately 450 square miles of mineral leases. It is developing oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the recovery of oil, as well as lower carbon emissions.
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