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JPMorgan Chase & Co. Increases MEG Energy (TSE:MEG) Price Target to C$25.00 – Defense World

Written by Amanda

MEG Energy (TSE:MEGGet Rating) had its price objective lifted by JPMorgan Chase & Co. from C$24.00 to C$25.00 in a research note issued to investors on Thursday morning, BayStreet.CA reports.

MEG has been the subject of several other research reports. TD Securities boosted their target price on MEG Energy from C$21.00 to C$23.00 and gave the company a hold rating in a research report on Tuesday, May 3rd. Raymond James set a C$24.00 price target on shares of MEG Energy and gave the company an outperform rating in a research note on Tuesday, May 3rd. The Goldman Sachs Group decreased their price target on shares of MEG Energy to C$22.00 and set a neutral rating for the company in a research note on Wednesday, June 22nd. Scotiabank downgraded shares of MEG Energy from an outperform rating to a hold rating and lifted their price target for the company from C$23.00 to C$26.00 in a research note on Wednesday, June 8th. Finally, CIBC lifted their price target on shares of MEG Energy from C$23.00 to C$26.00 and gave the company a neutral rating in a research note on Thursday, June 9th. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of C$21.45.

Shares of TSE:MEG opened at C$17.82 on Thursday. MEG Energy has a 1 year low of C$6.85 and a 1 year high of C$24.47. The business has a 50 day simple moving average of C$20.47 and a two-hundred day simple moving average of C$17.23. The firm has a market capitalization of C$5.47 billion and a PE ratio of 8.44. 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 (TSE:MEGGet Rating) last announced its earnings results on Monday, May 2nd. The company reported C$1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of C$1.10 by C$0.05. The business had revenue of C$1.53 billion for the quarter, compared to analysts’ expectations of C$1.63 billion. Equities research analysts expect that MEG Energy will post 3.0448451 EPS for the current fiscal year.

In other MEG Energy news, Director James D. Mcfarland sold 5,000 shares of the company’s stock in a transaction on Thursday, June 9th. The shares were sold at an average price of C$24.04, for a total value of C$120,195.00. Following the sale, the director now directly owns 4,009 shares of the company’s stock, valued at C$96,372.35. Also, Senior Officer Eric Lloyd Toews sold 92,400 shares of the company’s stock in a transaction on Wednesday, May 11th. The shares were sold at an average price of C$19.50, for a total transaction of C$1,801,800.00. Following the completion of the sale, the insider now directly owns 15,954 shares in the company, valued at C$311,103. Insiders have sold 285,000 shares of company stock worth $5,800,789 over the last three months.

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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Source: defenseworld.net

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Amanda

Hi there, I am Amanda and I work as an editor at impactinvesting.ai;  if you are interested in my services, please reach me at amanda.impactinvesting.ai