TD Securities Upgrades MEG Energy (TSE:MEG) to “Strong-Buy”

MEG Energy (TSE:MEGGet Free Report) was upgraded by equities researchers at TD Securities from a “hold” rating to a “strong-buy” rating in a report issued on Friday, Zacks.com reports.

A number of other equities analysts have also weighed in on the company. JPMorgan Chase & Co. upped their target price on MEG Energy from C$33.00 to C$34.00 in a research report on Tuesday, March 12th. National Bankshares upped their price objective on shares of MEG Energy from C$32.00 to C$37.00 and gave the stock a “sector perform” rating in a report on Friday, April 19th. Jefferies Financial Group raised their price objective on shares of MEG Energy from C$28.00 to C$35.00 and gave the company a “hold” rating in a research note on Friday, April 12th. Royal Bank of Canada raised their price objective on shares of MEG Energy from C$32.00 to C$39.00 in a research note on Tuesday, April 9th. Finally, ATB Capital raised their price objective on shares of MEG Energy from C$32.00 to C$35.00 and gave the company an “outperform” rating in a research note on Wednesday, March 20th. Seven analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of C$32.67.

Check Out Our Latest Stock Analysis on MEG Energy

MEG Energy Stock Performance

Shares of MEG stock opened at C$28.68 on Friday. The stock has a market capitalization of C$7.82 billion, a PE ratio of 13.92, a PEG ratio of 0.17 and a beta of 3.12. The business’s 50 day simple moving average is C$30.87 and its 200 day simple moving average is C$27.66. The company has a debt-to-equity ratio of 28.18, a current ratio of 1.41 and a quick ratio of 1.17. MEG Energy has a one year low of C$19.41 and a one year high of C$33.70.

MEG Energy (TSE:MEGGet Free Report) last posted its quarterly earnings data 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). MEG Energy had a return on equity of 13.20% and a net margin of 10.58%. The business had revenue of C$1.36 billion during the quarter, compared to the consensus estimate of C$1.25 billion. As a group, research analysts forecast that MEG Energy will post 2.4508333 earnings per share for the current year.

Insider Activity at MEG Energy

In other MEG Energy news, Senior Officer David Michael Granger sold 32,144 shares of MEG Energy stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of C$30.47, for a total transaction of C$979,504.83. In other MEG Energy news, Senior Officer Erik Alexander Alson sold 34,528 shares of MEG Energy stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of C$30.24, for a total transaction of C$1,044,126.72. Also, Senior Officer David Michael Granger sold 32,144 shares of MEG Energy stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of C$30.47, for a total transaction of C$979,504.83. Over the last 90 days, insiders sold 67,117 shares of company stock valued at $2,037,088. 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.

Further Reading

Analyst Recommendations for MEG Energy (TSE:MEG)

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