MEG Energy (TSE:MEG) Given a C$28.00 Price Target at Raymond James

MEG Energy (TSE:MEGGet Free Report) received a C$28.00 price target from investment analysts at Raymond James in a research report issued on Wednesday, BayStreet.CA reports. The firm presently has a “market perform” rating on the stock. Raymond James’ price objective points to a potential downside of 5.53% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Desjardins boosted their target price on shares of MEG Energy from C$30.00 to C$31.00 and gave the company a “hold” rating in a report on Friday, March 22nd. Royal Bank of Canada boosted their target price on shares of MEG Energy from C$32.00 to C$39.00 in a report on Tuesday, April 9th. Jefferies Financial Group boosted their target price on shares of MEG Energy from C$28.00 to C$35.00 and gave the company a “hold” rating in a report on Friday, April 12th. JPMorgan Chase & Co. boosted their target price on shares of MEG Energy from C$33.00 to C$34.00 in a report on Tuesday, March 12th. Finally, ATB Capital boosted their target price on shares of MEG Energy from C$32.00 to C$35.00 and gave the company an “outperform” rating in a report on Wednesday, March 20th. Eight equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, MEG Energy has an average rating of “Hold” and an average price target of C$32.67.

Check Out Our Latest Stock Analysis on MEG Energy

MEG Energy Stock Performance

TSE:MEG opened at C$29.64 on Wednesday. The stock has a market cap of C$8.08 billion, a P/E ratio of 14.39, a price-to-earnings-growth ratio of 0.17 and a beta of 3.12. The firm’s fifty day simple moving average is C$31.22 and its 200 day simple moving average is C$27.55. MEG Energy has a twelve month low of C$19.41 and a twelve month high of C$33.70. The company has a quick ratio of 1.17, a current ratio of 1.41 and a debt-to-equity ratio of 28.18.

MEG Energy (TSE:MEGGet Free Report) last released its quarterly earnings results on Monday, May 6th. The company reported C$0.36 earnings per share for the quarter, missing the consensus estimate of C$0.45 by C($0.09). The company had revenue of C$1.36 billion during the quarter, compared to the consensus estimate of C$1.25 billion. MEG Energy had a net margin of 10.58% and a return on equity of 13.20%. As a group, research analysts predict that MEG Energy will post 2.4508333 EPS for the current year.

Insider Buying and Selling

In related news, Director Derek Watson Evans sold 234,562 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of C$28.94, for a total value of C$6,788,247.74. In other news, Senior Officer David Michael Granger sold 32,144 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were 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 company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of C$28.94, for a total transaction of C$6,788,247.74. Insiders have sold a total of 301,679 shares of company stock worth $8,825,336 in the last quarter. Corporate insiders own 0.32% of the company’s stock.

MEG Energy Company Profile

(Get Free Report)

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.

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Analyst Recommendations for MEG Energy (TSE:MEG)

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