Royal Bank of Canada Lowers MEG Energy (TSE:MEG) Price Target to C$31.00

MEG Energy (TSE:MEG) had its target price cut by equities researchers at Royal Bank of Canada from C$33.00 to C$31.00 in a research report issued on Tuesday,BayStreet.CA reports. Royal Bank of Canada’s price objective would indicate a potential upside of 30.64% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Jefferies Financial Group cut their price target on MEG Energy from C$32.00 to C$26.00 and set a “hold” rating for the company in a research note on Monday, September 16th. Scotiabank upgraded MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price objective for the company in a research report on Wednesday, September 25th. BMO Capital Markets decreased their target price on MEG Energy from C$37.00 to C$34.00 in a research report on Friday, October 4th. ATB Capital cut their price target on shares of MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. Finally, TD Securities increased their price objective on shares of MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, MEG Energy currently has an average rating of “Moderate Buy” and an average price target of C$32.27.

MEG Energy Stock Performance

Shares of MEG stock traded up C$0.03 during mid-day trading on Tuesday, reaching C$23.73. The stock had a trading volume of 1,328,155 shares, compared to its average volume of 2,220,856. The business’s fifty day moving average is C$24.54 and its 200-day moving average is C$26.08. The firm has a market cap of C$6.40 billion, a price-to-earnings ratio of 11.30, a PEG ratio of 0.17 and a beta of 2.89. MEG Energy has a 1-year low of C$22.02 and a 1-year high of C$33.70. The company has a current ratio of 1.54, a quick ratio of 1.17 and a debt-to-equity ratio of 26.35.

MEG Energy (TSE:MEG) last announced its quarterly earnings results on Tuesday, November 5th. The company reported C$0.62 earnings per share for the quarter, missing the consensus estimate of C$0.63 by C($0.01). MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. The company had revenue of C$1.27 billion for the quarter, compared to analyst estimates of C$1.33 billion. On average, research analysts forecast that MEG Energy will post 2.2734628 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Kimberley Elizabeth Lynch Proctor acquired 3,500 shares of the business’s stock in a transaction dated Thursday, November 28th. The shares were acquired at an average price of C$25.06 per share, with a total value of C$87,713.85. Also, Director Robert Ross Rooney bought 8,500 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were bought at an average cost of C$23.06 per share, with a total value of C$195,993.00. Insiders have bought 12,805 shares of company stock worth $303,669 over the last ninety days. Corporate insiders own 0.33% of the company’s stock.

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.