MEG Energy (TSE:MEG) Price Target Raised to C$37.00 at National Bankshares

MEG Energy (TSE:MEG) had its price target hoisted by stock analysts at National Bankshares from C$32.00 to C$37.00 in a research note issued on Friday, BayStreet.CA reports. The firm presently has a “sector perform” rating on the stock. National Bankshares’ target price would suggest a potential upside of 18.10% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on MEG. BMO Capital Markets boosted their target price on shares of MEG Energy from C$35.00 to C$37.00 in a report on Thursday, March 28th. Desjardins increased their price objective on MEG Energy from C$30.00 to C$31.00 and gave the stock a “hold” rating in a report on Friday, March 22nd. Royal Bank of Canada raised their target price on MEG Energy from C$32.00 to C$39.00 in a research note on Tuesday, April 9th. CIBC upped their price target on MEG Energy from C$26.00 to C$30.00 and gave the company a “neutral” rating in a research report on Friday, March 22nd. Finally, ATB Capital raised their price objective on shares of MEG Energy from C$32.00 to C$35.00 and gave the company an “outperform” rating in a research report on Wednesday, March 20th. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, MEG Energy presently has a consensus rating of “Hold” and an average target price of C$32.73.

MEG Energy Stock Performance

MEG traded up C$0.06 during trading hours on Friday, hitting C$31.33. The stock had a trading volume of 573,818 shares, compared to its average volume of 1,839,942. The stock has a market cap of C$8.52 billion, a PE ratio of 15.82, a price-to-earnings-growth ratio of 0.17 and a beta of 3.16. MEG Energy has a 1 year low of C$19.41 and a 1 year high of C$33.70. The company has a quick ratio of 1.17, a current ratio of 1.48 and a debt-to-equity ratio of 30.55. The company’s fifty day simple moving average is C$29.47 and its 200 day simple moving average is C$26.67.

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

Insider Activity

In related news, Director Derek Watson Evans sold 234,562 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of C$28.94, for a total value of C$6,788,247.74. In related news, Director Derek Watson Evans sold 234,562 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of C$28.94, for a total transaction of C$6,788,247.74. Also, Senior Officer David Michael Granger sold 32,144 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of C$30.47, for a total value of C$979,504.83. In the last quarter, insiders have sold 301,679 shares of company stock worth $8,825,336. 0.63% of the stock is currently 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.