MEG Energy Corp. (TSE:MEG) Receives Consensus Recommendation of “Hold” from Brokerages

MEG Energy Corp. (TSE:MEG) has been assigned a consensus rating of “Hold” from the ten research firms that are covering the company, Marketbeat Ratings reports. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is C$33.09.

A number of equities research analysts have commented on MEG shares. CIBC raised their target price on MEG Energy from C$30.00 to C$34.00 and gave the company a “neutral” rating in a report on Monday, April 22nd. National Bankshares raised their price objective on shares of MEG Energy from C$32.00 to C$37.00 and gave the company a “sector perform” rating in a research note on Friday, April 19th. BMO Capital Markets upped their target price on shares of MEG Energy from C$35.00 to C$37.00 in a research report on Thursday, March 28th. Desjardins lifted their price target on shares of MEG Energy from C$30.00 to C$31.00 and gave the company a “hold” rating in a research report on Friday, March 22nd. Finally, Royal Bank of Canada boosted their price target on MEG Energy from C$32.00 to C$39.00 in a research note on Tuesday, April 9th.

Insider Activity

In related news, Senior Officer David Michael Granger sold 32,144 shares of MEG Energy stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of C$30.47, for a total transaction of C$979,504.83. In other MEG Energy news, Director Derek Watson Evans sold 234,562 shares of the business’s 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. Also, Senior Officer David Michael Granger sold 32,144 shares of the firm’s stock in a transaction 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. Insiders have sold 301,679 shares of company stock worth $8,825,336 over the last three months. 0.63% of the stock is currently owned by corporate insiders.

MEG Energy Trading Down 3.5 %

TSE MEG opened at C$30.20 on Thursday. 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 stock has a market capitalization of C$8.22 billion, a P/E ratio of 15.25, a P/E/G ratio of 0.17 and a beta of 3.16. MEG Energy has a 52-week low of C$19.41 and a 52-week high of C$33.70. The firm has a 50-day moving average price of C$30.62 and a 200 day moving average price of C$27.05.

MEG Energy (TSE:MEG) last issued its earnings results on Thursday, February 29th. The company reported C$0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C$0.59 by C($0.22). The business had revenue of C$1.44 billion for 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 research analysts expect that MEG Energy will post 2.3198041 EPS for the current year.

About MEG Energy

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.