Brokerages Set MEG Energy Corp. (TSE:MEG) Target Price at C$33.09

MEG Energy Corp. (TSE:MEG - Get Free Report) has been assigned a consensus rating of "Hold" from the ten research firms that are presently covering the stock, MarketBeat reports. Seven research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is C$33.09.

Several equities research analysts have commented on MEG shares. JPMorgan Chase & Co. boosted their target price on MEG Energy from C$33.00 to C$34.00 in a report on Tuesday, March 12th. Desjardins increased their price objective on shares of MEG Energy from C$30.00 to C$31.00 and gave the company a "hold" rating in a research report on Friday, March 22nd. ATB Capital raised their price objective on shares of MEG Energy from C$32.00 to C$35.00 and gave the company an "outperform" rating in a research note on Wednesday, March 20th. National Bankshares increased their price target on shares of MEG Energy from C$32.00 to C$37.00 and gave the company a "sector perform" rating in a report on Friday, April 19th. Finally, BMO Capital Markets raised their price target on shares of MEG Energy from C$35.00 to C$37.00 in a research report on Thursday, March 28th.

MEG Energy Trading Up 2.2 %

Shares of TSE:MEG traded up C$0.71 on Thursday, hitting C$32.28. The company had a trading volume of 1,543,515 shares, compared to its average volume of 1,823,145. MEG Energy has a 1 year low of C$19.41 and a 1 year high of C$33.70. The company has a quick ratio of 1.17, a current ratio of 1.48 and a debt-to-equity ratio of 30.55. The firm's 50-day simple moving average is C$30.04 and its two-hundred day simple moving average is C$26.86. The firm has a market capitalization of C$8.78 billion, a price-to-earnings ratio of 16.30, a P/E/G ratio of 0.17 and a beta of 3.16.

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

Insider Activity

In other MEG Energy news, Director Derek Watson Evans sold 234,562 shares of the company's stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of C$28.94, for a total value of C$6,788,247.74. In related news, Senior Officer Erik Alexander Alson sold 34,528 shares of the business's stock in a transaction dated Friday, March 15th. The stock was sold at an average price of C$30.24, for a total value of C$1,044,126.72. Also, Director Derek Watson Evans sold 234,562 shares of MEG Energy stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of C$28.94, for a total value of C$6,788,247.74. Insiders have sold 301,679 shares of company stock worth $8,825,336 over the last ninety days. Corporate insiders own 0.63% 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.