MEG Energy (MEG) Price Target Cut to C$9.50 by Analysts at CIBC

MEG Energy (TSE:MEG) had its price target trimmed by CIBC from C$12.00 to C$9.50 in a research note released on Thursday morning.

MEG has been the subject of a number of other reports. Macquarie upgraded shares of MEG Energy from a neutral rating to an outperform rating and upped their price target for the company from C$8.00 to C$12.50 in a report on Monday, October 1st. Goldman Sachs Group decreased their price target on shares of MEG Energy from C$11.00 to C$10.00 in a report on Friday, September 7th. Morgan Stanley cut shares of MEG Energy from an overweight rating to an equal weight rating and decreased their price target for the company from C$14.00 to C$11.00 in a report on Sunday, October 14th. Raymond James decreased their price target on shares of MEG Energy from C$15.00 to C$12.00 in a report on Friday, October 5th. Finally, TD Securities upped their price target on shares of MEG Energy from C$9.00 to C$11.00 and gave the company a hold rating in a report on Monday, October 1st. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. MEG Energy currently has an average rating of Hold and an average target price of C$10.50.

MEG stock traded down C$0.50 during mid-day trading on Thursday, reaching C$8.05. 372,001 shares of the stock traded hands, compared to its average volume of 2,174,988. The company has a debt-to-equity ratio of 87.50, a quick ratio of 1.35 and a current ratio of 1.56. MEG Energy has a 52 week low of C$4.28 and a 52 week high of C$11.70.

In related news, Director Derek Watson Evans bought 20,000 shares of MEG Energy stock in a transaction that occurred on Thursday, September 27th. The stock was acquired at an average price of C$8.09 per share, for a total transaction of C$161,800.00. In the last quarter, insiders purchased 92,000 shares of company stock valued at $746,820.

About MEG Energy

MEG Energy Corp., an oil sands company, focuses on sustainable in situ development and production in the southern Athabasca oil sands region of Alberta. The company owns a 100% interest in approximately 900 square miles of oil sands leases in the southern Athabasca oil sands region of northern Alberta, as well as primarily engages in a steam-assisted gravity drainage oil sands development at its Christina Lake project.

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