MEG Energy (TSE:MEG) PT Raised to C$34.00

MEG Energy (TSE:MEG) had its target price upped by stock analysts at CIBC from C$30.00 to C$34.00 in a note issued to investors on Monday, BayStreet.CA reports. The firm currently has a “neutral” rating on the stock. CIBC’s target price indicates a potential upside of 7.26% from the company’s previous close.

Several other brokerages have also issued reports on MEG. JPMorgan Chase & Co. boosted their price target on MEG Energy from C$33.00 to C$34.00 in a research note on Tuesday, March 12th. National Bankshares increased their price target on MEG Energy from C$32.00 to C$37.00 and gave the stock a “sector perform” rating in a research report on Friday, April 19th. ATB Capital increased their price target on MEG Energy from C$32.00 to C$35.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 20th. Desjardins upped their price objective on MEG Energy from C$30.00 to C$31.00 and gave the stock a “hold” rating in a report on Friday, March 22nd. Finally, BMO Capital Markets upped their price objective on MEG Energy from C$35.00 to C$37.00 in a report on Thursday, March 28th. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, MEG Energy presently has an average rating of “Hold” and an average price target of C$33.09.

MEG Energy Price Performance

TSE MEG opened at C$31.70 on Monday. MEG Energy has a twelve month low of C$19.41 and a twelve month high of C$33.70. The company has a debt-to-equity ratio of 30.55, a quick ratio of 1.17 and a current ratio of 1.48. The stock has a market capitalization of C$8.63 billion, a PE ratio of 16.01, a P/E/G ratio of 0.17 and a beta of 3.16. The stock has a 50-day simple moving average of C$29.90 and a 200 day simple moving average of C$26.83.

MEG Energy (TSE:MEG) last issued its quarterly earnings results on Thursday, February 29th. The company reported C$0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.59 by C($0.22). MEG Energy had a net margin of 10.06% and a return on equity of 12.77%. The firm had revenue of C$1.44 billion for the quarter, compared to the consensus estimate of C$1.40 billion. Research analysts anticipate that MEG Energy will post 2.3198041 EPS for the current year.

Insider Activity

In other news, Senior Officer David Michael Granger sold 32,144 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of C$30.47, for a total value of C$979,504.83. In related news, Senior Officer David Michael Granger sold 32,144 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of C$30.47, for a total transaction of C$979,504.83. Also, Director Derek Watson Evans sold 234,562 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of C$28.94, for a total value of C$6,788,247.74. Insiders have sold a total of 301,679 shares of company stock valued at $8,825,336 in the last 90 days. 0.63% 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.