MEG Energy (TSE:MEG) had its price target cut by CIBC from C$7.50 to C$7.00 in a research report report published on Thursday, BayStreet.CA reports.

MEG has been the subject of a number of other reports. CSFB restated a neutral rating and set a C$32.00 target price on shares of Vermilion Energy in a research report on Tuesday, July 16th. National Bank Financial decreased their target price on shares of Yangarra Resources from C$5.50 to C$5.00 and set an outperform rating for the company in a research report on Tuesday, June 25th. GMP Securities restated a buy rating and set a $22.25 target price on shares of SPDR Wells Fargo Preferred Stock ETF in a research report on Friday, June 28th. Tudor Pickering & Holt restated a hold rating on shares of MEG Energy in a research report on Friday, June 7th. Finally, Goldman Sachs Group boosted their target price on shares of MEG Energy from C$6.00 to C$7.00 in a research report on Tuesday, April 16th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. MEG Energy currently has an average rating of Buy and a consensus target price of C$8.00.

TSE MEG opened at C$5.29 on Thursday. The firm has a market capitalization of $1.57 billion and a P/E ratio of -5.10. The firm’s fifty day simple moving average is C$4.95. MEG Energy has a 1 year low of C$4.06 and a 1 year high of C$11.70. The company has a quick ratio of 1.12, a current ratio of 1.33 and a debt-to-equity ratio of 102.93.

MEG Energy (TSE:MEG) last posted its earnings results on Monday, May 6th. The company reported C$0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C$0.03 by C($0.01). The company had revenue of C$918.63 million for the quarter, compared to the consensus estimate of C$684.74 million. As a group, equities analysts predict that MEG Energy will post 0.21 earnings per share for the current year.

In other MEG Energy news, Director Robert Bruce Hodgins sold 7,033 shares of MEG Energy stock in a transaction on Monday, June 3rd. The shares were sold at an average price of C$4.34, for a total value of C$30,523.22. Following the completion of the transaction, the director now owns 9,796 shares of the company’s stock, valued at C$42,514.64. Also, Senior Officer Grant Kenneth Donald Borbridge sold 9,927 shares of MEG Energy stock in a transaction on Monday, June 3rd. The shares were sold at an average price of C$4.34, for a total transaction of C$43,083.18. Following the completion of the transaction, the insider now directly owns 31,972 shares of the company’s stock, valued at approximately C$138,758.48.

MEG Energy Company Profile

MEG Energy Corp., an oil sands company, focuses on sustainable in situ development and production in the southern Athabasca oil sands region of Alberta. The company owns a 100% interest in approximately 900 square miles of oil sands leases in the southern Athabasca oil sands region of northern Alberta.

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Analyst Recommendations for MEG Energy (TSE:MEG)

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