MEG Energy (TSE:MEG) PT Raised to C$23.00 at TD Securities

MEG Energy (TSE:MEGGet Rating) had its price target increased by TD Securities from C$21.00 to C$23.00 in a research report released on Tuesday, BayStreet.CA reports. They currently have a hold rating on the stock.

Several other equities analysts have also issued reports on the stock. Tudor Pickering lifted their price target on shares of MEG Energy to C$15.00 and gave the stock a hold rating in a report on Thursday, January 13th. CIBC lifted their price target on shares of MEG Energy from C$20.00 to C$23.00 in a report on Thursday, April 14th. Tudor Pickering & Holt lifted their price target on shares of MEG Energy from C$13.00 to C$15.00 and gave the stock a hold rating in a report on Thursday, January 13th. National Bank Financial boosted their price objective on shares of MEG Energy to C$18.50 and gave the company a sector perform rating in a report on Thursday, January 6th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of MEG Energy to C$16.00 and gave the company a hold rating in a report on Tuesday, March 8th. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, MEG Energy currently has an average rating of Hold and an average price target of C$19.09.

TSE MEG opened at C$20.42 on Tuesday. The firm’s fifty day simple moving average is C$18.00 and its two-hundred day simple moving average is C$14.43. The company has a current ratio of 1.17, a quick ratio of 0.95 and a debt-to-equity ratio of 79.52. MEG Energy has a 12-month low of C$6.57 and a 12-month high of C$21.17. The firm has a market capitalization of C$6.27 billion and a P/E ratio of 22.44.

MEG Energy (TSE:MEGGet Rating) last released its quarterly earnings results on Thursday, March 3rd. The company reported C$0.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of C$0.35 by C$0.22. The firm had revenue of C$1.31 billion during the quarter, compared to analysts’ expectations of C$1.24 billion. As a group, sell-side analysts predict that MEG Energy will post 2.8910929 earnings per share for the current fiscal year.

In related news, Director Robert Bruce Hodgins sold 18,912 shares of the company’s stock in a transaction dated Friday, April 1st. The shares were sold at an average price of C$17.02, for a total transaction of C$321,882.24. Following the completion of the transaction, the director now owns 15,491 shares in the company, valued at approximately C$263,656.82. Also, Senior Officer Sorin Bujor sold 18,400 shares of the stock in a transaction dated Friday, March 18th. The shares were sold at an average price of C$17.80, for a total transaction of C$327,521.84. Following the completion of the sale, the insider now owns 1,730 shares of the company’s stock, valued at approximately C$30,794.17. Over the last ninety days, insiders sold 285,332 shares of company stock worth $5,017,674.

MEG Energy Company Profile (Get Rating)

MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production in the southern Athabasca oil region of Alberta, Canada. The company owns a 100% interest in approximately 410 square miles of mineral leases. It also develops 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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Analyst Recommendations for MEG Energy (TSE:MEG)

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