MEG Energy (TSE:MEG) Price Target Lowered to C$34.00 at Royal Bank of Canada

MEG Energy (TSE:MEG) had its price objective reduced by analysts at Royal Bank of Canada from C$35.00 to C$34.00 in a research note issued to investors on Thursday,BayStreet.CA reports. Royal Bank of Canada’s target price suggests a potential upside of 24.91% from the company’s current price.

A number of other brokerages have also recently weighed in on MEG. National Bankshares cut their price objective on shares of MEG Energy from C$35.00 to C$31.00 in a research note on Friday, September 27th. TD Securities raised their target price on shares of MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a research note on Wednesday. Scotiabank raised shares of MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price target for the company in a research note on Wednesday, September 25th. BMO Capital Markets decreased their price objective on shares of MEG Energy from C$37.00 to C$34.00 in a report on Friday, October 4th. Finally, Jefferies Financial Group dropped their target price on MEG Energy from C$32.00 to C$26.00 and set a “hold” rating on the stock in a report on Monday, September 16th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of C$32.55.

MEG Energy Stock Performance

TSE:MEG traded down C$0.11 during mid-day trading on Thursday, hitting C$27.22. The stock had a trading volume of 1,237,445 shares, compared to its average volume of 1,660,286. The company has a 50 day simple moving average of C$25.95 and a 200-day simple moving average of C$27.93. MEG Energy has a 52 week low of C$22.79 and a 52 week high of C$33.70. The stock has a market capitalization of C$7.34 billion, a price-to-earnings ratio of 12.96, a P/E/G ratio of 0.17 and a beta of 2.89. The company has a current ratio of 1.54, a quick ratio of 1.17 and a debt-to-equity ratio of 26.35.

MEG Energy (TSE:MEG) last issued its quarterly earnings data on Tuesday, November 5th. The company reported C$0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C$0.63 by C($0.01). The business had revenue of C$1.27 billion during the quarter, compared to the consensus estimate of C$1.33 billion. MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. On average, research analysts expect that MEG Energy will post 2.2734628 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director James D. Mcfarland bought 5,000 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was bought at an average cost of C$26.94 per share, for a total transaction of C$134,700.00. In other news, Director James D. Mcfarland purchased 5,000 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were acquired at an average price of C$26.94 per share, for a total transaction of C$134,700.00. Also, Director Michael Mcallister acquired 7,400 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average cost of C$25.67 per share, with a total value of C$189,986.86. 0.33% of the stock is currently owned by company insiders.

MEG Energy Company Profile

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.