Brokerages Set MEG Energy Corp. (TSE:MEG) Target Price at C$9.83

MEG Energy Corp. (TSE:MEG) has been assigned an average rating of “Buy” from the eighteen analysts that are covering the stock, Marketbeat.com reports. Six analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is C$9.83.

MEG has been the topic of a number of recent analyst reports. Tudor Pickering & Holt set a C$10.00 target price on MEG Energy and gave the company a “buy” rating in a research report on Friday, July 23rd. UBS Group reiterated a “neutral” rating and set a C$8.30 target price on shares of MEG Energy in a research report on Monday, July 26th. Tudor Pickering increased their target price on MEG Energy to C$10.00 and gave the company a “buy” rating in a research report on Friday, July 23rd. National Bank Financial set a C$14.50 target price on MEG Energy in a research report on Friday, July 23rd. Finally, BMO Capital Markets raised their price objective on MEG Energy from C$10.00 to C$14.00 and gave the company a “na” rating in a report on Monday, June 21st.

Shares of TSE MEG opened at C$10.27 on Monday. The stock has a market capitalization of C$3.15 billion and a price-to-earnings ratio of 53.77. MEG Energy has a 12 month low of C$2.14 and a 12 month high of C$10.53. The firm’s 50 day simple moving average is C$8.54 and its 200-day simple moving average is C$8.04. The company has a debt-to-equity ratio of 86.98, a current ratio of 1.20 and a quick ratio of 0.95.

MEG Energy (TSE:MEG) last issued its quarterly earnings data on Thursday, July 22nd. The company reported C$0.22 EPS for the quarter, topping analysts’ consensus estimates of C$0.13 by C$0.09. The firm had revenue of C$1.01 billion for the quarter, compared to analyst estimates of C$971.65 million. Analysts anticipate that MEG Energy will post 1.7799999 earnings per share for the current fiscal year.

In related news, Director William Robert Klesse purchased 10,000 shares of MEG Energy stock in a transaction dated Wednesday, August 18th. The shares were acquired at an average price of C$7.56 per share, for a total transaction of C$75,580.56. Following the acquisition, the director now directly owns 390,000 shares in the company, valued at C$2,947,641.84.

MEG Energy Company Profile

MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production in the southern Athabasca region of Alberta, Canada. The company owns a 100% interest in approximately 450 square miles of mineral leases. It is developing 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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Analyst Recommendations for MEG Energy (TSE:MEG)

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