MEG Energy - MEG Stock Forecast, Price & News

MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production in the southern Athabasca oil region of Alberta, Canada. The company owns a 100% interest in approximately 410 square miles of mineral leases. It also develops oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the recovery of oil, as well as lower carbon emissions. The company transports and sells thermal oil to refiners in North America and internationally. As of December 31, 2021, it had approximately 2.0 billion barrels of gross proved plus probable bitumen reserves at the Christina Lake Project. The company was incorporated in 1999 and is headquartered in Calgary, Canada.

MEG Energy Price Performance

Shares of MEG Energy stock traded up C$0.76 during trading hours on Thursday, reaching C$17.46. The company's stock had a trading volume of 2,772,796 shares, compared to its average volume of 2,920,174. The firm has a 50 day moving average price of C$18.36 and a 200-day moving average price of C$18.14. The company has a debt-to-equity ratio of 52.55, a current ratio of 1.61 and a quick ratio of 1.09. The stock has a market cap of C$5.32 billion and a P/E ratio of 6.54. MEG Energy has a one year low of C$6.85 and a one year high of C$24.47.

Analyst Upgrades and Downgrades

MEG has been the topic of a number of recent analyst reports. CIBC raised their price target on MEG Energy from C$23.00 to C$26.00 and gave the company a "neutral" rating in a report on Thursday, June 9th. Royal Bank of Canada boosted their price target on MEG Energy from C$21.00 to C$22.00 and gave the stock an "outperform" rating in a report on Wednesday, May 4th. BMO Capital Markets increased their price objective on shares of MEG Energy from C$22.00 to C$25.00 in a report on Tuesday, May 3rd. National Bankshares lowered their target price on shares of MEG Energy from C$31.00 to C$30.00 and set an "outperform" rating on the stock in a report on Monday, July 18th. Finally, JPMorgan Chase & Co. upped their target price on shares of MEG Energy from C$24.00 to C$25.00 in a research report on Thursday, June 30th. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, MEG Energy presently has an average rating of "Hold" and an average price target of C$21.41.

Insider Buying and Selling

In other MEG Energy news, Director James D. Mcfarland sold 5,000 shares of the company's stock in a transaction that occurred on Thursday, June 9th. The stock was sold at an average price of C$24.04, for a total transaction of C$120,195.00. Following the sale, the director now directly owns 4,009 shares in the company, valued at C$96,372.35. In other MEG Energy news, Director James D. Mcfarland sold 5,000 shares of MEG Energy stock in a transaction on Thursday, June 9th. The shares were sold at an average price of C$24.04, for a total transaction of C$120,195.00. Following the completion of the transaction, the director now directly owns 4,009 shares of the company's stock, valued at C$96,372.35. Also, Senior Officer Chi-Tak Yee sold 84,900 shares of the business's stock in a transaction on Tuesday, May 24th. The shares were sold at an average price of C$21.30, for a total transaction of C$1,808,743.56. Following the transaction, the insider now owns 313,932 shares in the company, valued at approximately C$6,688,132.90.