National Bankshares Issues Positive Forecast for MEG Energy (TSE:MEG) Stock Price

MEG Energy (TSE:MEG) had its target price lifted by analysts at National Bankshares from C$27.00 to C$28.00 in a report released on Thursday,BayStreet.CA reports. The brokerage currently has a “sector perform” rating on the stock. National Bankshares’ price target would indicate a potential upside of 16.52% from the company’s previous close.

Other research analysts also recently issued research reports about the stock. TD Securities increased their price objective on shares of MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. ATB Capital cut their price target on MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. Desjardins raised MEG Energy from a “hold” rating to a “moderate buy” rating in a report on Tuesday. Royal Bank of Canada cut their target price on shares of MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. Finally, BMO Capital Markets decreased their price target on shares of MEG Energy from C$37.00 to C$34.00 in a research note on Friday, October 4th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, MEG Energy has an average rating of “Moderate Buy” and a consensus price target of C$32.00.

MEG Energy Price Performance

Shares of TSE:MEG traded down C$0.17 during trading on Thursday, hitting C$24.03. 421,276 shares of the company’s stock were exchanged, compared to its average volume of 2,222,664. The business’s 50-day simple moving average is C$24.02 and its 200 day simple moving average is C$25.64. The company has a market cap of C$6.48 billion, a price-to-earnings ratio of 11.44, a PEG ratio of 0.17 and a beta of 2.89. MEG Energy has a 52-week low of C$22.02 and a 52-week high of C$33.70. The company has a debt-to-equity ratio of 26.35, a current ratio of 1.54 and a quick ratio of 1.17.

MEG Energy (TSE:MEG) last announced its quarterly earnings data on Tuesday, November 5th. The company reported C$0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of C$1.33 billion. As a group, equities analysts predict that MEG Energy will post 2.2734628 EPS for the current year.

Insiders Place Their Bets

In related news, Director Robert Ross Rooney acquired 8,500 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was bought at an average price of C$23.06 per share, for a total transaction of C$195,993.00. Also, Director Kimberley Elizabeth Lynch Proctor acquired 3,500 shares of the stock in a transaction on Thursday, November 28th. The stock was bought at an average cost of C$25.06 per share, with a total value of C$87,713.85. Insiders bought a total of 12,805 shares of company stock valued at $303,669 over the last 90 days. Insiders own 0.33% of the company’s stock.

About MEG Energy

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.