CIBC Boosts MEG Energy (TSE:MEG) Price Target to C$34.00

MEG Energy (TSE:MEG - Free Report) had its target price lifted by CIBC from C$30.00 to C$34.00 in a report released on Monday, BayStreet.CA reports. They currently have a neutral rating on the stock.

A number of other equities research analysts also recently weighed in on MEG. BMO Capital Markets raised their price target on MEG Energy from C$35.00 to C$37.00 in a research note on Thursday, March 28th. Royal Bank of Canada raised their price objective on shares of MEG Energy from C$32.00 to C$39.00 in a research report on Tuesday, April 9th. ATB Capital boosted their target price on shares of MEG Energy from C$32.00 to C$35.00 and gave the stock an outperform rating in a research report on Wednesday, March 20th. JPMorgan Chase & Co. increased their price target on shares of MEG Energy from C$33.00 to C$34.00 in a research note on Tuesday, March 12th. Finally, National Bankshares lifted their price objective on shares of MEG Energy from C$32.00 to C$37.00 and gave the company a sector perform rating in a research note on Friday. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, MEG Energy currently has an average rating of Hold and an average target price of C$33.09.

MEG Energy Stock Up 0.3 %

MEG stock traded up C$0.08 during midday trading on Monday, reaching C$31.24. The company had a trading volume of 1,603,833 shares, compared to its average volume of 1,851,200. The company has a 50 day moving average of C$29.61 and a two-hundred day moving average of C$26.74. 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 has a 1 year low of C$19.41 and a 1 year high of C$33.70. The company has a market capitalization of C$8.50 billion, a P/E ratio of 15.81, a PEG ratio of 0.17 and a beta of 3.16.

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

Insider Activity at MEG Energy

In other MEG Energy news, Senior Officer David Michael Granger sold 32,144 shares of the business's stock in a transaction 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. In other news, Senior Officer Erik Alexander Alson sold 34,528 shares of the firm's stock in a transaction on 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. Also, Senior Officer David Michael Granger sold 32,144 shares of the company's stock in a transaction 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. In the last three months, insiders have sold 301,679 shares of company stock worth $8,825,336. 0.63% of the stock is owned by insiders.

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.