MEG Energy (TSE:MEG) Sets New 1-Year High After Analyst Upgrade

MEG Energy Corp. (TSE:MEG - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday after Royal Bank of Canada raised their price target on the stock from C$32.00 to C$39.00. The company traded as high as C$33.51 and last traded at C$33.30, with a volume of 326631 shares. The stock had previously closed at C$33.01.

Other equities research analysts also recently issued reports about the stock. National Bankshares increased their price objective on shares of MEG Energy from C$30.00 to C$32.00 and gave the stock a "sector perform" rating in a research note on Monday, March 4th. Desjardins increased their target price on shares of MEG Energy from C$30.00 to C$31.00 and gave the stock a "hold" rating in a report on Friday, March 22nd. JPMorgan Chase & Co. increased their target price on shares of MEG Energy from C$33.00 to C$34.00 in a report on Tuesday, March 12th. Jefferies Financial Group set a C$28.00 target price on shares of MEG Energy and gave the stock a "hold" rating in a report on Tuesday, February 27th. Finally, TD Securities increased their target price on shares of MEG Energy from C$28.00 to C$32.00 and gave the stock a "hold" rating in a report on Friday, March 1st. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of C$31.64.

Insider Activity at MEG Energy

In related news, Director Derek Watson Evans sold 234,562 shares of the firm's stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of C$28.94, for a total value of C$6,788,247.74. In other MEG Energy news, Senior Officer David Michael Granger sold 32,144 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of C$30.47, for a total transaction of C$979,504.83. Also, Director Derek Watson Evans sold 234,562 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of C$28.94, for a total transaction of C$6,788,247.74. Insiders sold a total of 301,679 shares of company stock worth $8,825,336 in the last quarter. 0.63% of the stock is owned by insiders.

MEG Energy Price Performance

The firm has a market cap of C$9.10 billion, a price-to-earnings ratio of 16.88, a P/E/G ratio of 0.17 and a beta of 3.16. The business's 50-day simple moving average is C$28.40 and its two-hundred day simple moving average is C$26.39. The company has a current ratio of 1.48, a quick ratio of 1.17 and a debt-to-equity ratio of 30.55.

MEG Energy (TSE:MEG - Get Free Report) last released its earnings results on Thursday, February 29th. The company reported C$0.37 earnings per share for the quarter, missing analysts' consensus estimates of C$0.59 by C($0.22). The firm had revenue of C$1.44 billion for the quarter, compared to analyst estimates of C$1.40 billion. MEG Energy had a net margin of 10.06% and a return on equity of 12.77%. As a group, research analysts expect that MEG Energy Corp. will post 2.3198041 EPS for the current fiscal year.

About MEG Energy

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.