Atb Cap Markets Downgrades MEG Energy (TSE:MEG) to Hold

Key Points

• Atb Cap Markets has downgraded MEG Energy from a "strong-buy" rating to a "hold" rating.
• Desjardins has also cut MEG Energy's rating from "hold" to "tender," setting a price target of C$28.00 on the stock.
• Despite the downgrades, MEG Energy has a current consensus rating of "Moderate Buy" with a price target of C$30.86.

MEG Energy (TSE:MEG - Get Free Report) was downgraded by research analysts at Atb Cap Markets from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Thursday,Zacks.com reports.

Separately, Desjardins cut MEG Energy from a "hold" rating to a "tender" rating and set a C$28.00 price target on the stock. in a research note on Monday, August 25th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, MEG Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of C$30.86.

MEG Energy Trading Up 0.6%

MEG opened at C$28.66 on Thursday. MEG Energy has a one year low of C$17.00 and a one year high of C$29.50. The stock has a market capitalization of C$7.29 billion, a PE ratio of 13.71, a P/E/G ratio of 0.17 and a beta of 0.93. The business's 50 day moving average price is C$27.70 and its 200 day moving average price is C$25.04. The company has a debt-to-equity ratio of 22.80, a quick ratio of 1.17 and a current ratio of 1.55.

MEG Energy Company Profile

MEG Energy is engaged in in situ oil sands development and production in Alberta, Canada. As of March 2021, the company reported estimated net proved and probable reserves of 2 billion barrels of oil equivalent. Net production averaged 82,000 barrels per day in 2020.

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