TD Securities Boosts MEG Energy (TSE:MEG) Price Target to C$36.00

MEG Energy (TSE:MEG) had its price objective lifted by equities research analysts at TD Securities from C$35.00 to C$36.00 in a note issued to investors on Wednesday,BayStreet.CA reports. The brokerage presently has a “buy” rating on the stock. TD Securities’ price objective would suggest a potential upside of 32.79% from the stock’s current price.

Several other analysts have also commented on the company. 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. National Bankshares dropped their price objective on shares of MEG Energy from C$35.00 to C$31.00 in a research note on Friday, September 27th. Royal Bank of Canada cut their target price on shares of MEG Energy from C$39.00 to C$35.00 in a report on Tuesday, September 17th. Jefferies Financial Group lowered their price target 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. Finally, Scotiabank raised shares of MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price objective for the company in a report on Wednesday, September 25th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, MEG Energy presently has an average rating of “Hold” and an average price target of C$32.55.

MEG Energy Stock Down 0.8 %

TSE:MEG opened at C$27.11 on Wednesday. The company has a debt-to-equity ratio of 26.35, a current ratio of 1.54 and a quick ratio of 1.17. The company’s fifty day moving average price is C$25.95 and its 200-day moving average price is C$27.90. MEG Energy has a 1-year low of C$22.79 and a 1-year high of C$33.70. The firm has a market capitalization of C$7.31 billion, a P/E ratio of 12.91, 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 EPS for the quarter, missing the consensus estimate of C$0.63 by C($0.01). The business had revenue of C$1.27 billion during the quarter, compared to analysts’ expectations of C$1.33 billion. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. As a group, equities research analysts anticipate that MEG Energy will post 2.2734628 EPS for the current year.

Insider Buying and Selling

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

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.