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.
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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