MEG Energy Corp (MEG) PT Raised to C$6.00
Several other research analysts have also recently issued reports on the company. National Bank Financial reaffirmed a sector perform rating and issued a C$4.75 price target on shares of MEG Energy Corp in a report on Tuesday, June 27th. GMP Securities cut MEG Energy Corp from a buy rating to a hold rating and dropped their price target for the company from C$8.50 to C$4.00 in a report on Wednesday, June 28th. Finally, CIBC dropped their price target on MEG Energy Corp from C$8.00 to C$4.50 in a report on Thursday, July 20th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. MEG Energy Corp presently has a consensus rating of Hold and an average target price of C$7.23.
Shares of MEG Energy Corp (TSE:MEG) opened at 5.12 on Friday. The company’s 50-day moving average price is $4.09 and its 200 day moving average price is $5.85. MEG Energy Corp has a 12-month low of $3.28 and a 12-month high of $9.83. The stock’s market cap is $1.51 billion.
MEG Energy Corp (TSE:MEG) last posted its quarterly earnings results on Thursday, July 27th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.17) by $0.05. The company had revenue of $574.03 million for the quarter. MEG Energy Corp had a return on equity of 0.18% and a net margin of 0.28%. On average, equities analysts predict that MEG Energy Corp will post ($0.54) earnings per share for the current year.
In other news, insider Eric Lloyd Toews acquired 10,000 shares of the stock in a transaction on Wednesday, June 7th. The shares were purchased at an average cost of C$4.60 per share, for a total transaction of C$46,000.00.
About MEG Energy Corp
MEG Energy Corp (MEG) is a Canada-based oil sands company. It is focused on sustainable in situ oil sands development and production in the southern Athabasca oil sands region of Alberta, Canada. MEG is engaged in developing enhanced oil recovery projects that utilize steam-assisted gravity drainage (SAGD) extraction methods.
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