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 Stock Up 2.3 %

Shares of TSE:MEG traded up C$0.35 on Friday, reaching C$15.27. The company had a trading volume of 2,552,405 shares, compared to its average volume of 2,933,068. MEG Energy has a twelve month low of C$6.85 and a twelve month high of C$24.47. The stock has a 50-day moving average price of C$18.83 and a 200 day moving average price of C$18.10. The stock has a market capitalization of C$4.65 billion and a P/E ratio of 7.20. The company has a quick ratio of 1.09, a current ratio of 1.61 and a debt-to-equity ratio of 52.55.

Analysts Set New Price Targets

Several brokerages have weighed in on MEG. BMO Capital Markets lifted their target price on MEG Energy from C$22.00 to C$25.00 in a research note on Tuesday, May 3rd. CIBC lifted their price target on MEG Energy from C$23.00 to C$26.00 and gave the company a "neutral" rating in a research report on Thursday, June 9th. The Goldman Sachs Group lowered their price target on MEG Energy to C$22.00 and set a "neutral" rating on the stock in a research report on Wednesday, June 22nd. JPMorgan Chase & Co. lifted their price target on MEG Energy from C$24.00 to C$25.00 in a research report on Thursday, June 30th. Finally, Scotiabank cut MEG Energy from an "outperform" rating to a "hold" rating and lifted their target price for the stock from C$23.00 to C$26.00 in a report on Wednesday, June 8th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of C$21.41.

Insider Buying and Selling

In related news, Senior Officer Chi-Tak Yee sold 84,900 shares of the business's stock in a transaction dated Tuesday, May 24th. The stock was 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 directly owns 313,932 shares in the company, valued at C$6,688,132.90. In other news, Director James D. Mcfarland sold 5,000 shares of the business'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 value of C$120,195.00. Following the transaction, the director now directly owns 4,009 shares of the company's stock, valued at approximately C$96,372.35. Also, Senior Officer Chi-Tak Yee sold 84,900 shares of the business's stock in a transaction that occurred on Tuesday, May 24th. The stock was sold at an average price of C$21.30, for a total value of C$1,808,743.56. Following the completion of the transaction, the insider now directly owns 313,932 shares in the company, valued at C$6,688,132.90. In the last 90 days, insiders sold 182,300 shares of company stock valued at $3,730,739.