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.
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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