Brokerages Set MEG Energy Corp (TSE:MEG) Target Price at C$8.14

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Shares of MEG Energy Corp (TSE:MEG) have been assigned a consensus recommendation of “Buy” from the sixteen ratings firms that are currently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1 year price target among analysts that have covered the stock in the last year is C$8.14.

Several equities research analysts have issued reports on MEG shares. Raymond James lowered their target price on shares of Adaptimmune Therapeutics from $16.00 to $6.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 7th. Tudor Pickering & Holt reaffirmed a “hold” rating on shares of MEG Energy in a research note on Friday, June 7th. GMP Securities reaffirmed a “buy” rating and set a $22.25 target price on shares of SPDR Wells Fargo Preferred Stock ETF in a research note on Friday, June 28th. Goldman Sachs Group lifted their target price on shares of MEG Energy from C$6.00 to C$7.00 in a research note on Tuesday, April 16th. Finally, CIBC lowered their target price on shares of WestJet Airlines from C$22.00 to C$21.00 in a research note on Tuesday, April 23rd.

TSE MEG traded down C$0.02 on Tuesday, hitting C$5.38. The company had a trading volume of 1,224,400 shares, compared to its average volume of 2,775,409. The stock has a market capitalization of $1.60 billion and a P/E ratio of -5.19. The company’s fifty day moving average price is C$4.84. The company has a quick ratio of 1.12, a current ratio of 1.33 and a debt-to-equity ratio of 102.93. MEG Energy has a 12-month low of C$4.06 and a 12-month high of C$11.70.

MEG Energy (TSE:MEG) last announced its earnings results on Monday, May 6th. The company reported C$0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.03 by C($0.01). The business had revenue of C$918.63 million for the quarter, compared to the consensus estimate of C$684.74 million. As a group, equities research analysts predict that MEG Energy will post 0.16 EPS for the current fiscal year.

In other news, Senior Officer Grant Kenneth Donald Borbridge sold 9,927 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of C$4.34, for a total transaction of C$43,083.18. Following the transaction, the insider now owns 31,972 shares of the company’s stock, valued at approximately C$138,758.48. Also, Director Robert Bruce Hodgins sold 7,033 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of C$4.34, for a total transaction of C$30,523.22. Following the transaction, the director now directly owns 9,796 shares in the company, valued at approximately C$42,514.64.

MEG Energy Company Profile

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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