MEG Energy (TSE:MEG) Price Target Raised to C$36.00

MEG Energy (TSE:MEG) had its price target raised by TD Securities from C$35.00 to C$36.00 in a research note issued on Wednesday, BayStreet.CA reports. The brokerage presently has a “buy” rating on the stock. TD Securities’ target price points to a potential upside of 33.23% from the stock’s previous close.

Other equities analysts have also issued reports about the company. National Bankshares lowered their price target on MEG Energy from C$35.00 to C$31.00 in a research note on Friday, September 27th. Scotiabank raised MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 target price for the company in a research report on Wednesday, September 25th. BMO Capital Markets dropped their price objective on shares of MEG Energy from C$37.00 to C$34.00 in a research note on Friday, October 4th. Jefferies Financial Group decreased their target price on shares of MEG Energy from C$32.00 to C$26.00 and set a “hold” rating on the stock in a research report on Monday, September 16th. Finally, Royal Bank of Canada dropped their price target on shares of MEG Energy from C$39.00 to C$35.00 in a research report on Tuesday, September 17th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of C$32.64.

MEG Energy Stock Performance

TSE:MEG traded up C$0.53 during mid-day trading on Wednesday, hitting C$27.02. 1,387,135 shares of the company’s stock traded hands, compared to its average volume of 1,658,130. The firm has a market capitalization of C$7.28 billion, a price-to-earnings ratio of 12.79, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. The firm has a 50 day moving average of C$25.96 and a two-hundred day moving average of C$27.96. The company has a current ratio of 1.54, a quick ratio of 1.17 and a debt-to-equity ratio of 26.35. MEG Energy has a 12 month low of C$22.79 and a 12 month high of C$33.70.

MEG Energy (TSE:MEG) last released its earnings results on Tuesday, November 5th. The company reported C$0.62 EPS for the quarter, missing the consensus estimate of C$0.63 by C($0.01). MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. The company had revenue of C$1.27 billion for the quarter, compared to analyst estimates of C$1.33 billion. On average, equities analysts forecast that MEG Energy will post 2.2734628 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Michael Mcallister purchased 7,400 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average price of C$25.67 per share, with a total value of C$189,986.86. In other MEG Energy news, Director Michael Mcallister acquired 7,400 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average price of C$25.67 per share, with a total value of C$189,986.86. Also, Director James D. Mcfarland acquired 5,000 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were acquired at an average price of C$26.94 per share, for a total transaction of C$134,700.00. 0.33% of the stock is currently owned by insiders.

MEG Energy Company Profile

MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production in its Christina Lake Project in the southern Athabasca oil region of Alberta, Canada. The company develops oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the recovery of oil, as well as lower carbon emissions.