MEG Energy (TSE:MEG) PT Raised to C$7.50 at TD Securities

MEG Energy (TSE:MEG) had its price target boosted by TD Securities from C$7.00 to C$7.50 in a report issued on Wednesday, BayStreet.CA reports. They currently have a buy rating on the stock.

A number of other equities research analysts also recently weighed in on MEG. Raymond James reiterated a market perform rating and issued a C$8.00 price target on shares of MEG Energy in a research report on Tuesday, May 7th. Goldman Sachs Group lifted their price target on shares of MEG Energy from C$6.00 to C$7.00 in a research report on Tuesday, April 16th. Royal Bank of Canada dropped their price target on shares of MEG Energy from C$7.50 to C$7.00 in a research report on Thursday, July 18th. National Bank Financial dropped their price target on shares of MEG Energy from C$8.50 to C$8.00 and set an outperform rating for the company in a research report on Tuesday, June 25th. Finally, GMP Securities dropped their price target on shares of MEG Energy from C$8.50 to C$8.00 in a research report on Friday, June 28th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of C$8.03.

TSE MEG opened at C$5.55 on Wednesday. The company has a current ratio of 1.33, a quick ratio of 1.12 and a debt-to-equity ratio of 102.93. MEG Energy has a 1-year low of C$4.06 and a 1-year high of C$11.70. The company has a 50 day simple moving average of C$5.17. The firm has a market capitalization of $1.65 billion and a P/E ratio of -5.35.

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

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

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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