MEG Energy (OTCMKTS:MEGEF) was downgraded by analysts at Morgan Stanley from an “overweight” rating to a “hold” rating in a research report issued to clients and investors on Friday, The Fly reports. They presently have a $11.00 target price on the stock. Morgan Stanley’s price objective points to a potential upside of 34.80% from the stock’s current price.
Other equities research analysts also recently issued research reports about the stock. CIBC started coverage on shares of MEG Energy in a research report on Friday, October 5th. They issued a “neutral” rating for the company. Goldman Sachs Group started coverage on shares of MEG Energy in a report on Thursday, June 21st. They issued a “neutral” rating for the company. National Bank Financial lowered shares of MEG Energy from an “outperform” rating to a “sector perform” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. started coverage on shares of MEG Energy in a report on Tuesday, September 11th. They issued an “underweight” rating for the company. One analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $11.00.
MEGEF opened at $8.16 on Friday. MEG Energy has a 1-year low of $3.38 and a 1-year high of $9.10.
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, as well as primarily engages in a steam-assisted gravity drainage oil sands development at its Christina Lake project.
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