Royal Bank of Canada Cuts MEG Energy (TSE:MEG) Price Target to C$33.00

MEG Energy (TSE:MEG) had its target price reduced by equities research analysts at Royal Bank of Canada from C$34.00 to C$33.00 in a research report issued on Wednesday,BayStreet.CA reports. Royal Bank of Canada’s price target indicates a potential upside of 33.01% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Scotiabank raised shares of MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price target on the stock in a report on Wednesday, September 25th. National Bankshares reduced their price target on shares of MEG Energy from C$35.00 to C$31.00 in a report on Friday, September 27th. TD Securities upped their price target on shares of MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Jefferies Financial Group reduced their price target on shares of 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. Finally, BMO Capital Markets reduced their price objective on shares of MEG Energy from C$37.00 to C$34.00 in a research note on Friday, October 4th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of C$32.45.

MEG Energy Price Performance

Shares of TSE MEG traded up C$0.10 during midday trading on Wednesday, hitting C$24.81. The company had a trading volume of 731,545 shares, compared to its average volume of 1,675,050. The company has a quick ratio of 1.17, a current ratio of 1.54 and a debt-to-equity ratio of 26.35. MEG Energy has a twelve month low of C$22.79 and a twelve month high of C$33.70. The business has a 50-day simple moving average of C$26.11 and a two-hundred day simple moving average of C$27.38. The firm has a market capitalization of C$6.69 billion, a price-to-earnings ratio of 11.81, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89.

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

Insider Buying and Selling

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

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.