MEG Energy (TSE:MEG) Upgraded by Scotiabank to “Outperform”

MEG Energy (TSE:MEG) was upgraded by stock analysts at Scotiabank from a “sector perform” rating to an “outperform” rating in a research note issued on Wednesday, BayStreet.CA reports. The brokerage presently has a C$35.00 price objective on the stock. Scotiabank’s price objective points to a potential upside of 43.68% from the stock’s previous close.

Several other equities analysts also recently issued reports on the stock. Jefferies Financial Group cut their price objective on shares of MEG Energy from C$32.00 to C$26.00 and set a “hold” rating on the stock in a report on Monday, September 16th. Royal Bank of Canada cut their price target on shares of MEG Energy from C$39.00 to C$35.00 in a research note on Tuesday, September 17th. TD Securities raised shares of MEG Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, June 7th. Finally, Raymond James set a C$28.00 price objective on shares of MEG Energy and gave the company a “market perform” rating in a report on Wednesday, May 29th. Six research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, MEG Energy currently has a consensus rating of “Moderate Buy” and an average target price of C$33.09.

MEG Energy Price Performance

TSE MEG opened at C$24.36 on Wednesday. The firm’s fifty day simple moving average is C$26.62 and its two-hundred day simple moving average is C$28.92. The firm has a market capitalization of C$6.57 billion, a P/E ratio of 11.60, a P/E/G ratio of 0.17 and a beta of 2.92. 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 has a 12-month low of C$22.79 and a 12-month high of C$33.70.

MEG Energy (TSE:MEG) last announced its earnings results on Thursday, July 25th. The company reported C$0.86 earnings per share for the quarter, topping the consensus estimate of C$0.69 by C$0.17. MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. The firm had revenue of C$2.74 billion for the quarter, compared to the consensus estimate of C$1.28 billion. Analysts forecast that MEG Energy will post 2.2403101 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Michael Mcallister acquired 7,400 shares of MEG Energy stock in a transaction on Tuesday, September 3rd. The stock was bought at an average cost of C$25.67 per share, for a total transaction of C$189,986.86. In other news, Director James D. Mcfarland bought 5,000 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were acquired at an average price of C$26.94 per share, for a total transaction of C$134,700.00. Also, Director Michael Mcallister purchased 7,400 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average price of C$25.67 per share, with a total value of C$189,986.86. 0.33% of the stock is currently owned by 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.