MEG Energy (TSE:MEG) Price Target Raised to C$34.00

MEG Energy (TSE:MEG) had its price target boosted by CIBC from C$30.00 to C$34.00 in a research note issued to investors on Monday, BayStreet.CA reports. The brokerage currently has a neutral rating on the stock.

A number of other research analysts have also recently issued reports on MEG. Desjardins raised their price target on shares of MEG Energy from C$30.00 to C$31.00 and gave the stock a hold rating in a report on Friday, March 22nd. Royal Bank of Canada raised their price target on shares of MEG Energy from C$32.00 to C$39.00 in a report on Tuesday, April 9th. BMO Capital Markets raised their price target on shares of MEG Energy from C$35.00 to C$37.00 in a report on Thursday, March 28th. JPMorgan Chase & Co. raised their price target on shares of MEG Energy from C$33.00 to C$34.00 in a report on Tuesday, March 12th. Finally, National Bankshares raised their price target on shares of MEG Energy from C$32.00 to C$37.00 and gave the stock a sector perform rating in a report on Friday, April 19th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of C$33.09.

MEG Energy Trading Down 0.4 %

TSE:MEG opened at C$31.57 on Monday. MEG Energy has a 52 week low of C$19.41 and a 52 week high of C$33.70. The firm has a 50 day moving average of C$30.04 and a 200 day moving average of C$26.86. 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 stock has a market capitalization of C$8.59 billion, a price-to-earnings ratio of 15.94, a PEG ratio of 0.17 and a beta of 3.16.

MEG Energy (TSE:MEG) last posted 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 for the quarter, compared to analysts’ expectations of C$1.40 billion. As a group, sell-side analysts anticipate that MEG Energy will post 2.3198041 earnings per share for the current fiscal year.

Insider Transactions at MEG Energy

In related news, Director Derek Watson Evans sold 234,562 shares of the firm’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of C$28.94, for a total transaction of C$6,788,247.74. In related news, Director Derek Watson Evans sold 234,562 shares of the firm’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of C$28.94, for a total transaction of C$6,788,247.74. Also, Senior Officer Erik Alexander Alson sold 34,528 shares of the firm’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of C$30.24, for a total transaction of C$1,044,126.72. Insiders have sold 301,679 shares of company stock worth $8,825,336 over the last 90 days. 0.63% of the stock is currently owned by company insiders.

About MEG Energy

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.