MEG Energy (TSE:MEG) Given New C$35.00 Price Target at Jefferies Financial Group

MEG Energy (TSE:MEG) had its price objective upped by investment analysts at Jefferies Financial Group from C$28.00 to C$35.00 in a report released on Friday, BayStreet.CA reports. The brokerage currently has a “hold” rating on the stock. Jefferies Financial Group’s price target would indicate a potential upside of 11.39% from the stock’s current price.

MEG has been the subject of several other reports. ATB Capital upped their target price on MEG Energy from C$32.00 to C$35.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 20th. Desjardins upped their target price on MEG Energy from C$30.00 to C$31.00 and gave the stock a “hold” rating in a research note on Friday, March 22nd. National Bankshares upped their target price on MEG Energy from C$30.00 to C$32.00 and gave the stock a “sector perform” rating in a research note on Monday, March 4th. Royal Bank of Canada upped their target price on MEG Energy from C$32.00 to C$39.00 in a research note on Tuesday, April 9th. Finally, JPMorgan Chase & Co. upped their target price on MEG Energy from C$33.00 to C$34.00 in a research note on Tuesday, March 12th. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of C$32.27.

MEG Energy Trading Down 1.8 %

Shares of MEG stock opened at C$31.42 on Friday. The company has a current ratio of 1.48, a quick ratio of 1.17 and a debt-to-equity ratio of 30.55. The stock has a market cap of C$8.55 billion, a P/E ratio of 15.87, a price-to-earnings-growth ratio of 0.17 and a beta of 3.16. The stock has a 50 day simple moving average of C$28.86 and a 200 day simple moving average of C$26.53. MEG Energy has a 1 year low of C$19.41 and a 1 year high of C$33.70.

MEG Energy (TSE:MEG) last issued its quarterly earnings results on Thursday, February 29th. The company reported C$0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.59 by C($0.22). The company had revenue of C$1.44 billion during the quarter, compared to the consensus estimate of C$1.40 billion. MEG Energy had a net margin of 10.06% and a return on equity of 12.77%. On average, research analysts predict that MEG Energy will post 2.3198041 earnings per share for the current fiscal year.

Insider Transactions at MEG Energy

In other news, Director Derek Watson Evans sold 234,562 shares of the company’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 other news, Senior Officer David Michael Granger sold 32,144 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of C$30.47, for a total transaction of C$979,504.83. Also, Director Derek Watson Evans sold 234,562 shares of the stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of C$28.94, for a total value of C$6,788,247.74. Over the last ninety days, insiders sold 301,679 shares of company stock worth $8,825,336. Corporate insiders own 0.63% of the company’s stock.

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.