MEG Energy (OTCMKTS:MEGEF)‘s stock had its “hold” rating reaffirmed by stock analysts at Raymond James in a research note issued to investors on Thursday, AnalystRatings.com reports. They presently have a $2.50 price objective on the stock. Raymond James’ price objective indicates a potential upside of 142.72% from the company’s current price.
Several other brokerages have also recently weighed in on MEGEF. Royal Bank of Canada reissued a “hold” rating and set a $3.00 price target on shares of MEG Energy in a research report on Monday, March 16th. TD Securities cut MEG Energy from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Tudor Pickering cut MEG Energy from a “buy” rating to a “hold” rating in a research note on Wednesday. JPMorgan Chase & Co. upgraded MEG Energy from an “underweight” rating to a “neutral” rating in a research note on Monday, December 9th. Finally, Credit Suisse Group decreased their price objective on MEG Energy from $8.00 to $3.00 and set a “neutral” rating for the company in a research note on Wednesday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $3.88.
Shares of OTCMKTS MEGEF traded up $0.01 during mid-day trading on Thursday, reaching $1.03. 85,946 shares of the company’s stock traded hands, compared to its average volume of 36,859. The business has a 50-day simple moving average of $3.88 and a 200 day simple moving average of $4.48. MEG Energy has a 1-year low of $0.86 and a 1-year high of $6.14.
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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