MEG Energy Corp (TSE:MEG) Receives C$4.98 Average Price Target from Brokerages

Shares of MEG Energy Corp (TSE:MEG) have received a consensus rating of “Hold” from the sixteen analysts that are currently covering the company, MarketBeat.com reports. Six research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is C$4.88.

A number of analysts have recently weighed in on the company. Royal Bank of Canada upped their price objective on MEG Energy from C$3.00 to C$4.00 and gave the stock a “sector perform” rating in a research report on Wednesday, May 6th. Stifel Nicolaus cut their price objective on MEG Energy from C$8.00 to C$5.00 in a research report on Thursday, March 12th. Raymond James set a C$3.50 price objective on MEG Energy and gave the stock a “market perform” rating in a research report on Wednesday, May 6th. Tudor Pickering reaffirmed a “hold” rating and set a C$3.50 price objective on shares of MEG Energy in a research report on Tuesday, May 5th. Finally, Morgan Stanley dropped their target price on MEG Energy from C$7.50 to C$2.50 in a report on Monday, March 16th.

TSE:MEG traded up C$0.15 during trading hours on Tuesday, reaching C$3.67. 2,342,766 shares of the stock were exchanged, compared to its average volume of 4,786,525. The company has a quick ratio of 0.73, a current ratio of 1.94 and a debt-to-equity ratio of 97.41. The business has a 50-day moving average of C$3.44 and a two-hundred day moving average of C$4.77. MEG Energy has a twelve month low of C$1.13 and a twelve month high of C$8.07. The company has a market capitalization of $1.09 billion and a price-to-earnings ratio of -3.66.

MEG Energy (TSE:MEG) last released its quarterly earnings results on Monday, May 4th. The company reported C($0.17) EPS for the quarter, missing analysts’ consensus estimates of C($0.09) by C($0.08). The business had revenue of C$665.00 million during the quarter, compared to the consensus estimate of C$545.05 million. On average, research analysts forecast that MEG Energy will post -1.01 EPS for the current fiscal year.

In other MEG Energy news, Director Jeffrey James Mccaig bought 16,200 shares of the firm’s stock in a transaction dated Tuesday, April 14th. The stock was acquired at an average price of C$2.52 per share, for a total transaction of C$40,824.00. Following the completion of the purchase, the director now owns 536,200 shares of the company’s stock, valued at C$1,351,224.

About MEG Energy

MEG Energy Corp., an oil sands company, focuses on sustainable in situ development and production in the southern Athabasca oil sands region of Alberta. The company owns a 100% interest in approximately 900 square miles of oil sands leases in the southern Athabasca oil sands region of northern Alberta.

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Analyst Recommendations for MEG Energy (TSE:MEG)

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