TD Securities upgraded shares of MEG Energy (TSE:MEG – Free Report) from a hold rating to a strong-buy rating in a report published on Friday morning, Zacks.com reports.
A number of other research firms have also recently commented on MEG. CIBC upped their price target on MEG Energy from C$30.00 to C$34.00 and gave the stock a neutral rating in a research note on Monday, April 22nd. BMO Capital Markets upped their price target on MEG Energy from C$35.00 to C$37.00 in a research note on Thursday, March 28th. JPMorgan Chase & Co. upped their price target on MEG Energy from C$33.00 to C$34.00 in a research note on Tuesday, March 12th. Raymond James set a C$28.00 price target on MEG Energy and gave the stock a market perform rating in a research note on Wednesday, May 29th. Finally, Jefferies Financial Group upped their price target on MEG Energy from C$28.00 to C$35.00 and gave the stock a hold rating in a research note on Friday, April 12th. Seven research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of C$32.67.
Read Our Latest Research Report on MEG
MEG Energy Price Performance
MEG Energy (TSE:MEG – Get Free Report) last issued its quarterly earnings data on Monday, May 6th. The company reported C$0.36 earnings per share for the quarter, missing the consensus estimate of C$0.45 by C($0.09). The business had revenue of C$1.36 billion during the quarter, compared to analysts’ expectations of C$1.25 billion. MEG Energy had a return on equity of 13.20% and a net margin of 10.58%. Equities research analysts anticipate that MEG Energy will post 2.4508333 earnings per share for the current fiscal year.
Insider Transactions at MEG Energy
In other news, Senior Officer David Michael Granger sold 32,144 shares of MEG Energy stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of C$30.47, for a total transaction of C$979,504.83. In related news, Senior Officer David Michael Granger sold 32,144 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of C$30.47, for a total value of C$979,504.83. Also, Senior Officer Erik Alexander Alson sold 34,528 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of C$30.24, for a total value of C$1,044,126.72. Over the last 90 days, insiders have sold 67,117 shares of company stock worth $2,037,088. Corporate insiders own 0.32% of the company’s stock.
MEG Energy Company Profile
MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production in its Christina Lake Project in the southern Athabasca oil region of Alberta, Canada. The company develops 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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