MEG Energy (TSE:MEG) Rating Lowered to “Hold” at Desjardins

MEG Energy (TSE:MEG) was downgraded by stock analysts at Desjardins from a “buy” rating to a “hold” rating in a report issued on Wednesday,BayStreet.CA reports. They currently have a C$26.50 price target on the stock, down from their prior price target of C$29.00. Desjardins’ price objective points to a potential upside of 6.60% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. National Bankshares boosted their price objective on MEG Energy from C$27.00 to C$28.00 and gave the company a “sector perform” rating in a report on Thursday, January 30th. ATB Capital decreased their price target on MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. Royal Bank of Canada decreased their price target on MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. Finally, TD Securities cut their target price on MEG Energy from C$33.00 to C$32.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of C$30.95.

MEG Energy Stock Up 1.1 %

Shares of TSE MEG traded up C$0.26 during midday trading on Wednesday, hitting C$24.86. 1,090,139 shares of the stock traded hands, compared to its average volume of 2,803,321. The company has a market cap of C$6.44 billion, a PE ratio of 13.17, a P/E/G ratio of 0.17 and a beta of 2.89. MEG Energy has a one year low of C$19.77 and a one year high of C$33.70. The business has a 50 day moving average price of C$23.39 and a two-hundred day moving average price of C$24.57. The company has a debt-to-equity ratio of 22.80, a quick ratio of 1.17 and a current ratio of 1.55.

Insiders Place Their Bets

In other MEG Energy news, Director Darlene Miriam Gates sold 91,584 shares of the business’s stock in a transaction that occurred on Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total transaction of C$2,215,416.96. 0.33% of the stock is owned by company 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.