TD Securities Increases MEG Energy (OTCMKTS:MEGEF) Price Target to $10.00


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MEG Energy (OTCMKTS:MEGEF) had its price target hoisted by investment analysts at TD Securities from $9.50 to $10.00 in a research note issued to investors on Tuesday, The Fly reports. The brokerage presently has a “buy” rating on the stock. TD Securities’ price objective suggests a potential upside of 68.35% from the stock’s previous close.

Several other equities research analysts have also recently commented on MEGEF. BMO Capital Markets boosted their target price on MEG Energy from $6.50 to $8.00 and gave the stock an “outperform” rating in a report on Thursday, March 4th. National Bank Financial reissued a “sector perform” rating on shares of MEG Energy in a report on Wednesday, January 6th. The Goldman Sachs Group cut MEG Energy from a “buy” rating to a “neutral” rating in a report on Tuesday, February 9th. CIBC boosted their target price on MEG Energy from $6.00 to $10.00 and gave the stock a “neutral” rating in a report on Wednesday, March 10th. Finally, Desjardins upped their price target on MEG Energy from $4.00 to $7.00 and gave the company a “hold” rating in a report on Friday, March 5th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $7.18.

Shares of MEGEF traded up $0.42 during mid-day trading on Tuesday, reaching $5.94. 94,708 shares of the company’s stock traded hands, compared to its average volume of 82,975. The business’s 50-day moving average price is $5.33 and its 200-day moving average price is $3.98. MEG Energy has a 12 month low of $1.61 and a 12 month high of $6.44.

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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