MEG Energy (TSE:MEG) Price Target Lowered to C$35.00 at ATB Capital

MEG Energy (TSE:MEG) had its price objective dropped by research analysts at ATB Capital from C$37.00 to C$35.00 in a research note issued on Wednesday,BayStreet.CA reports. ATB Capital’s price objective indicates a potential upside of 41.07% from the company’s previous close.

MEG has been the subject of a number of other reports. BMO Capital Markets cut their price objective on MEG Energy from C$37.00 to C$34.00 in a report on Friday, October 4th. Jefferies Financial Group cut their price objective on MEG Energy from C$32.00 to C$26.00 and set a “hold” rating for the company in a report on Monday, September 16th. National Bankshares cut their price objective on MEG Energy from C$35.00 to C$31.00 in a report on Friday, September 27th. TD Securities lifted their price target 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, Scotiabank raised MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price target for the company in a report on Wednesday, September 25th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, MEG Energy presently has a consensus rating of “Hold” and an average price target of C$32.45.

MEG Energy Stock Performance

MEG traded up C$0.10 during trading on Wednesday, reaching C$24.81. 731,545 shares of the company’s stock were exchanged, compared to its average volume of 1,675,050. MEG Energy has a fifty-two week low of C$22.79 and a fifty-two week high of C$33.70. The company has a quick ratio of 1.17, a current ratio of 1.54 and a debt-to-equity ratio of 26.35. The business has a 50 day moving average price of C$26.11 and a 200 day moving average price of C$27.38. The company has a market capitalization of C$6.69 billion, a P/E ratio of 11.81, a PEG ratio of 0.17 and a beta of 2.89.

MEG Energy (TSE:MEG) last posted its quarterly earnings results 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 business had revenue of C$1.27 billion for the quarter, compared to analyst estimates of C$1.33 billion. MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. As a group, analysts predict that MEG Energy will post 2.2734628 earnings per share for the current fiscal year.

Insider Buying and Selling at MEG Energy

In other news, Director James D. Mcfarland bought 5,000 shares of the business’s stock in a transaction on Friday, August 30th. The shares were bought at an average cost of C$26.94 per share, for a total transaction of C$134,700.00. Also, Director Michael Mcallister bought 7,400 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average price of C$25.67 per share, for a total transaction of C$189,986.86. 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.