Scotiabank Lowers MEG Energy (TSE:MEG) to Hold

MEG Energy (TSE:MEGGet Rating) was downgraded by equities researchers at Scotiabank to a “hold” rating in a note issued to investors on Wednesday, TipRanks reports. They presently have a C$26.00 price target on the stock. Scotiabank’s price objective points to a potential upside of 7.22% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the company. BMO Capital Markets upped their price target on MEG Energy from C$22.00 to C$25.00 in a research note on Tuesday, May 3rd. JPMorgan Chase & Co. boosted their target price on MEG Energy from C$23.00 to C$24.00 in a report on Wednesday, May 4th. Raymond James set a C$24.00 target price on MEG Energy and gave the stock an “outperform” rating in a report on Tuesday, May 3rd. National Bankshares dropped their target price on MEG Energy from C$32.00 to C$24.00 in a report on Thursday, April 14th. Finally, Royal Bank of Canada boosted their target price on MEG Energy from C$21.00 to C$22.00 and gave the stock an “outperform” rating in a report on Wednesday, May 4th. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of C$20.23.

MEG stock traded up C$0.01 during midday trading on Wednesday, hitting C$24.25. The stock had a trading volume of 1,271,791 shares, compared to its average volume of 2,872,965. The firm has a market cap of C$7.45 billion and a price-to-earnings ratio of 11.51. The business has a 50-day moving average of C$19.63 and a two-hundred day moving average of C$16.20. MEG Energy has a 52-week low of C$6.85 and a 52-week high of C$24.47. The company has a debt-to-equity ratio of 64.62, a current ratio of 1.58 and a quick ratio of 1.15.

In other MEG Energy news, Senior Officer Jeremy James Gizen sold 33,700 shares of the company’s stock in a transaction dated Thursday, May 5th. The stock was sold at an average price of C$21.50, for a total value of C$724,550.00. Following the completion of the sale, the insider now owns 26,184 shares in the company, valued at C$562,956. Also, Senior Officer Chi-Tak Yee sold 141,520 shares of the stock in a transaction dated Friday, April 1st. The stock was sold at an average price of C$17.02, for a total value of C$2,408,670.40. Following the sale, the insider now owns 184,150 shares of the company’s stock, valued at approximately C$3,134,233. In the last quarter, insiders have sold 565,332 shares of company stock valued at $10,698,268.

MEG Energy Company Profile (Get Rating)

MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production in the southern Athabasca oil region of Alberta, Canada. The company owns a 100% interest in approximately 410 square miles of mineral leases. It also develops oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the recovery of oil, as well as lower carbon emissions.

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