MEG Energy’s (MEG) Hold Rating Reaffirmed at Tudor Pickering

MEG Energy (TSE:MEG)‘s stock had its “hold” rating reiterated by investment analysts at Tudor Pickering in a note issued to investors on Tuesday, Stock Target Advisor reports. They presently have a C$7.00 target price on the stock. Tudor Pickering’s price target would indicate a potential downside of 0.28% from the company’s current price.

Several other equities research analysts have also commented on the company. National Bank Financial boosted their price objective on MEG Energy to C$11.00 and gave the stock a “sector perform” rating in a research note on Thursday, April 15th. TD Securities upgraded MEG Energy from a “hold” rating to a “buy” rating and upped their price target for the company from C$7.00 to C$9.50 in a research report on Wednesday, March 24th. Tudor Pickering & Holt set a C$7.00 price target on MEG Energy and gave the company a “hold” rating in a research report on Wednesday, April 14th. CSFB upped their price target on MEG Energy from C$4.25 to C$5.25 and gave the company a “neutral” rating in a research report on Monday, January 11th. Finally, BMO Capital Markets restated an “outperform” rating on shares of MEG Energy in a research report on Thursday, March 18th. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of C$7.59.

TSE:MEG traded down C$0.27 during trading hours on Tuesday, hitting C$7.02. 1,982,997 shares of the stock were exchanged, compared to its average volume of 3,145,891. MEG Energy has a 52-week low of C$2.14 and a 52-week high of C$8.10. The firm’s fifty day moving average price is C$6.66 and its 200 day moving average price is C$5.06. The company has a current ratio of 1.12, a quick ratio of 0.89 and a debt-to-equity ratio of 91.22. The company has a market cap of C$2.12 billion and a P/E ratio of -5.93.

MEG Energy (TSE:MEG) last posted its quarterly earnings data on Wednesday, March 3rd. The company reported C$0.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of C($0.09) by C$0.14. The firm had revenue of C$786.00 million for the quarter, compared to analysts’ expectations of C$742.87 million. Equities analysts expect that MEG Energy will post 1.0800001 EPS for the current fiscal year.

In other MEG Energy news, Director Robert Bruce Hodgins sold 17,834 shares of the company’s stock in a transaction on Thursday, April 1st. The stock was sold at an average price of C$6.64, for a total transaction of C$118,391.01. Following the transaction, the director now directly owns 15,491 shares in the company, valued at C$102,837. Also, Senior Officer Chi-Tak Yee sold 281,013 shares of the company’s stock in a transaction on Thursday, April 1st. The stock was sold at an average price of C$6.64, for a total value of C$1,865,504.80. Following the transaction, the insider now owns 156,027 shares in the company, valued at C$1,035,785.24.

MEG Energy Company Profile

MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production in the southern Athabasca region of Alberta, Canada. The company owns a 100% interest in approximately 450 square miles of mineral leases. It is developing oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the recovery of oil, as well as lower carbon emissions.

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