MEG Energy (TSE:MEG) PT Raised to C$10.00

MEG Energy (TSE:MEG) had its price target increased by stock analysts at TD Securities to C$10.00 in a note issued to investors on Tuesday, Stock Target Advisor reports. The brokerage currently has a “buy” rating on the stock. TD Securities’ price objective would indicate a potential upside of 42.45% from the company’s current price.

Several other brokerages also recently issued reports on MEG. National Bankshares increased their price target on MEG Energy from C$8.00 to C$11.00 and gave the stock a “sector perform” rating in a report on Thursday, April 15th. Tudor Pickering & Holt set a C$7.00 price target on MEG Energy and gave the stock a “hold” rating in a report on Wednesday, April 14th. Eight Capital increased their price target on MEG Energy to C$9.00 and gave the stock a “na” rating in a report on Wednesday, February 17th. ATB Capital increased their price objective on MEG Energy from C$7.25 to C$8.50 in a report on Friday, March 5th. Finally, Credit Suisse Group increased their price objective on MEG Energy from C$4.25 to C$5.25 and gave the stock a “neutral” rating in a report on Monday, January 11th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of C$7.59.

Shares of MEG traded down C$0.27 during trading hours on Tuesday, hitting C$7.02. 1,982,997 shares of the stock traded hands, compared to its average volume of 3,145,891. MEG Energy has a 1-year low of C$2.14 and a 1-year high of C$8.10. The business has a fifty day moving average of C$6.66 and a 200-day moving average of C$5.06. The company has a current ratio of 1.12, a quick ratio of 0.89 and a debt-to-equity ratio of 91.22. The firm has a market capitalization of C$2.12 billion and a PE ratio of -5.94.

MEG Energy (TSE:MEG) last released its earnings results on Wednesday, March 3rd. The company reported C$0.05 earnings per share for the quarter, beating the consensus estimate of C($0.09) by C$0.14. The company had revenue of C$786.00 million during the quarter, compared to analyst estimates of C$742.87 million. As a group, equities research analysts expect that MEG Energy will post 1.0800001 earnings per share for the current fiscal year.

In related news, Director Robert Bruce Hodgins sold 17,834 shares of MEG Energy stock in a transaction that occurred 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 of the company’s stock, valued at approximately C$102,837. Also, Senior Officer Chi-Tak Yee sold 281,013 shares of MEG Energy stock in a transaction that occurred on Thursday, April 1st. The stock was sold at an average price of C$6.64, for a total value of C$1,865,504.80. Following the sale, the insider now directly owns 156,027 shares of the company’s stock, valued at C$1,035,785.24.

MEG Energy Company Profile

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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