MEG Energy (TSE:MEG) Price Target Cut to C$34.00

MEG Energy (TSE:MEG) had its price objective lowered by BMO Capital Markets from C$37.00 to C$34.00 in a report released on Friday, BayStreet.CA reports. BMO Capital Markets’ target price suggests a potential upside of 22.79% from the company’s current price.

Several other analysts also recently commented on MEG. TD Securities upgraded MEG Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 7th. Royal Bank of Canada decreased their target price on MEG Energy from C$39.00 to C$35.00 in a research report on Tuesday, September 17th. Jefferies Financial Group dropped their price target on shares of MEG Energy from C$32.00 to C$26.00 and set a “hold” rating on the stock in a report on Monday, September 16th. Scotiabank raised shares of MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price objective for the company in a report on Wednesday, September 25th. Finally, National Bankshares dropped their target price on shares of MEG Energy from C$35.00 to C$31.00 in a report on Friday, September 27th. Six analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of C$32.27.

MEG Energy Trading Up 0.4 %

Shares of MEG opened at C$27.69 on Friday. MEG Energy has a 1-year low of C$22.79 and a 1-year high of C$33.70. The firm has a market capitalization of C$7.46 billion, a price-to-earnings ratio of 13.19, a PEG ratio of 0.17 and a beta of 2.92. The firm’s 50-day moving average price is C$26.35 and its 200-day moving average price is C$28.75. 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 (TSE:MEG) last posted its earnings results on Thursday, July 25th. The company reported C$0.86 earnings per share for the quarter, topping analysts’ consensus estimates of C$0.69 by C$0.17. MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. The firm had revenue of C$2.74 billion for the quarter, compared to the consensus estimate of C$1.28 billion. Sell-side analysts anticipate that MEG Energy will post 2.2403101 EPS for the current year.

Insider Buying and Selling

In related news, Director James D. Mcfarland acquired 5,000 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was bought at an average price of C$26.94 per share, for a total transaction of C$134,700.00. In other MEG Energy news, Director Michael Mcallister purchased 7,400 shares of the stock in a transaction on Tuesday, September 3rd. The stock was 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 bought 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 owned by corporate insiders.

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.