MEG Energy (TSE:MEG) Stock Rating Lowered by Desjardins

Key Points

• MEG Energy's stock rating was downgraded from "hold" to "tender" by Desjardins, with a target price of C$28.00, suggesting a potential downside of 0.07%.
• As of Monday, MEG Energy shares traded at C$28.02, with significant trading volume of over 2.5 million shares compared to its average volume of nearly 2 million.
• The company, which focuses on in situ oil sands development in Alberta, reported net production averaging 82,000 barrels per day based on 2020 figures, with net proved and probable reserves of 2 billion barrels of oil equivalent.

MEG Energy (TSE:MEG - Get Free Report) was downgraded by analysts at Desjardins from a "hold" rating to a "tender" rating in a report released on Monday,BayStreet.CA reports. They currently have a C$28.00 target price on the stock. Desjardins' price target would indicate a potential downside of 0.07% from the company's current price.

MEG Energy Stock Performance

Shares of TSE:MEG traded up C$0.12 on Monday, reaching C$28.02. 2,562,688 shares of the company's stock were exchanged, compared to its average volume of 1,965,896. The firm has a market capitalization of C$7.26 billion, a price-to-earnings ratio of 14.84, a PEG ratio of 0.17 and a beta of 2.89. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 22.80. The business's 50-day moving average is C$26.48 and its two-hundred day moving average is C$24.06. MEG Energy has a fifty-two week low of C$17.00 and a fifty-two week high of C$28.64.

About MEG Energy

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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