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

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

A number of other research analysts have also recently commented on the stock. Jefferies Financial Group upped their target price on shares of MEG Energy from C$28.00 to C$35.00 and gave the company a hold rating in a research report on Friday, April 12th. National Bankshares increased 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 research report on Friday. BMO Capital Markets lifted their price target on shares of MEG Energy from C$35.00 to C$37.00 in a research note on Thursday, March 28th. JPMorgan Chase & Co. lifted their price target on shares of MEG Energy from C$33.00 to C$34.00 in a research note on Tuesday, March 12th. Finally, ATB Capital lifted their price target on shares of 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. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of C$33.09.

MEG Energy Trading Up 0.3 %

Shares of MEG opened at C$31.24 on Monday. The company has a current ratio of 1.48, a quick ratio of 1.17 and a debt-to-equity ratio of 30.55. MEG Energy has a 12-month low of C$19.41 and a 12-month high of C$33.70. The firm has a 50-day moving average price of C$29.75 and a 200 day moving average price of C$26.78. The firm has a market capitalization of C$8.50 billion, a P/E ratio of 15.78, a P/E/G 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 company had revenue of C$1.44 billion during the quarter, compared to analyst estimates of C$1.40 billion. Sell-side analysts forecast that MEG Energy will post 2.3198041 EPS for the current year.

Insiders Place Their Bets

In other MEG Energy news, Director Derek Watson Evans sold 234,562 shares of the firm’s stock in a transaction that occurred 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 MEG Energy stock in a transaction on Thursday, March 21st. The shares were sold at an average price of C$30.47, for a total value of C$979,504.83. Also, Director Derek Watson Evans sold 234,562 shares of MEG Energy 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. Over the last quarter, insiders have sold 301,679 shares of company stock valued at $8,825,336. 0.63% of the stock is owned by corporate 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.