MEG Energy (TSE:MEG) Upgraded at Desjardins

MEG Energy (TSE:MEG) was upgraded by equities researchers at Desjardins from a “hold” rating to a “moderate buy” rating in a research note issued on Tuesday,Zacks.com reports.

Other research analysts have also issued reports about the company. ATB Capital cut their price objective on MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. Royal Bank of Canada cut their price objective on MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. TD Securities increased their price objective on MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, BMO Capital Markets dropped their target price on MEG Energy from C$37.00 to C$34.00 in a report on Friday, October 4th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of C$32.27.

MEG Energy Trading Up 3.6 %

Shares of TSE:MEG opened at C$24.20 on Tuesday. The business’s 50-day moving average is C$24.05 and its 200 day moving average is C$25.66. MEG Energy has a 1 year low of C$22.02 and a 1 year high of C$33.70. The firm has a market capitalization of C$6.52 billion, a P/E ratio of 11.52, a P/E/G ratio of 0.17 and a beta of 2.89. The company has a debt-to-equity ratio of 26.35, a current ratio of 1.54 and a quick ratio of 1.17.

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

Insiders Place Their Bets

In other MEG Energy news, Director Kimberley Elizabeth Lynch Proctor bought 3,500 shares of the business’s stock in a transaction on Thursday, November 28th. The stock was bought 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 business’s stock in a transaction on Wednesday, December 18th. The shares were acquired at an average cost of C$23.06 per share, with a total value of C$195,993.00. Over the last 90 days, insiders have acquired 12,805 shares of company stock worth $303,669. 0.33% of the stock is owned by corporate insiders.

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.