Insider Selling: MEG Energy Corp. (TSE:MEG) Director Sells 17,834 Shares of Stock

MEG Energy Corp. (TSE:MEG) Director Robert Bruce Hodgins sold 17,834 shares of the business’s stock in a transaction on Thursday, April 1st. The stock was sold at an average price of C$6.64, for a total transaction of C$118,391.01. Following the completion of the sale, the director now directly owns 15,491 shares in the company, valued at approximately C$102,837.

Shares of MEG opened at C$6.75 on Thursday. The company has a market cap of C$2.04 billion and a price-to-earnings ratio of -5.71. MEG Energy Corp. has a 1-year low of C$2.14 and a 1-year high of C$8.10. The company’s fifty day simple moving average is C$6.79 and its 200 day simple moving average is C$4.56. The company has a current ratio of 1.12, a quick ratio of 0.89 and a debt-to-equity ratio of 91.22.

A number of analysts have recently commented on MEG shares. Raymond James boosted their price objective on shares of MEG Energy from C$8.50 to C$10.50 and gave the stock an “outperform” rating in a research report on Wednesday, March 17th. Tudor Pickering reissued a “hold” rating and issued a C$5.50 price objective on shares of MEG Energy in a research report on Thursday, January 14th. National Bank Financial boosted their price objective on shares of MEG Energy to C$8.00 and gave the stock a “sector perform” rating in a research report on Friday, February 26th. ATB Capital boosted their price objective on shares of MEG Energy from C$7.25 to C$8.50 in a research report on Friday, March 5th. Finally, The Goldman Sachs Group boosted their price objective on shares of MEG Energy from C$4.50 to C$5.00 in a research report on Thursday, December 10th. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of C$6.84.

About MEG Energy

MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production in the southern Athabasca region of Alberta, Canada. The company owns a 100% interest in approximately 450 square miles of mineral leases. It is developing 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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