MEG Energy (OTCMKTS:MEGEF)‘s stock had its “hold” rating reaffirmed by investment analysts at CIBC in a research report issued on Thursday, AnalystRatings.com reports. They currently have a $7.00 price objective on the stock. CIBC’s price target would suggest a potential upside of 68.84% from the stock’s previous close.
Other analysts have also issued reports about the stock. Credit Suisse Group began coverage on shares of MEG Energy in a research note on Monday, July 15th. They issued a “neutral” rating for the company. Morgan Stanley cut shares of MEG Energy from an “overweight” rating to an “underweight” rating in a research note on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $7.00.
OTCMKTS MEGEF traded up $0.34 during trading hours on Thursday, reaching $4.15. 8,119 shares of the company’s stock traded hands, compared to its average volume of 26,173. MEG Energy has a 52-week low of $3.08 and a 52-week high of $7.83. The firm has a 50-day simple moving average of $4.16 and a 200 day simple moving average of $3.96.
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.
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