MEG Energy (TSE:MEG – Get Rating) had its price target trimmed by The Goldman Sachs Group to C$22.00 in a research report sent to investors on Wednesday, Stock Target Advisor reports. The brokerage currently has a neutral rating on the stock.
Several other equities research analysts also recently issued reports on the company. CIBC boosted their price objective on MEG Energy from C$23.00 to C$26.00 and gave the company a neutral rating in a report on Thursday, June 9th. BMO Capital Markets raised their price objective on shares of MEG Energy from C$22.00 to C$25.00 in a research note on Tuesday, May 3rd. Raymond James set a C$24.00 price objective on shares of MEG Energy and gave the company an outperform rating in a report on Tuesday, May 3rd. Royal Bank of Canada increased their target price on shares of MEG Energy from C$21.00 to C$22.00 and gave the stock an outperform rating in a report on Wednesday, May 4th. Finally, Scotiabank downgraded shares of MEG Energy from an outperform rating to a hold rating and boosted their price target for the stock from C$23.00 to C$26.00 in a research note on Wednesday, June 8th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of C$20.88.
Shares of MEG opened at C$18.96 on Wednesday. The firm has a 50-day simple moving average of C$20.55 and a two-hundred day simple moving average of C$16.96. The company has a debt-to-equity ratio of 64.62, a current ratio of 1.58 and a quick ratio of 1.15. MEG Energy has a 1-year low of C$6.85 and a 1-year high of C$24.47. The stock has a market cap of C$5.82 billion and a PE ratio of 8.98.
MEG Energy (TSE:MEG – Get Rating) last posted its earnings results on Monday, May 2nd. The company reported C$1.15 earnings per share for the quarter, beating the consensus estimate of C$1.10 by C$0.05. The company had revenue of C$1.53 billion during the quarter, compared to analyst estimates of C$1.63 billion. As a group, sell-side analysts expect that MEG Energy will post 3.0711317 earnings per share for the current fiscal year.
In other MEG Energy news, Senior Officer Chi-Tak Yee sold 141,520 shares of the stock in a transaction that occurred on Friday, April 1st. The shares were sold at an average price of C$17.02, for a total value of C$2,408,670.40. Following the transaction, the insider now directly owns 184,150 shares in the company, valued at C$3,134,233. Also, Director James D. Mcfarland sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, June 9th. The stock was sold at an average price of C$24.04, for a total transaction of C$120,195.00. Following the sale, the director now owns 4,009 shares of the company’s stock, valued at approximately C$96,372.35. In the last quarter, insiders have sold 445,432 shares of company stock valued at $8,531,341.
About MEG Energy (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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