MEG Energy (TSE:MEG) Price Target Raised to C$39.00 at Royal Bank of Canada

MEG Energy (TSE:MEG) had its target price raised by Royal Bank of Canada from C$32.00 to C$39.00 in a research note issued to investors on Tuesday, BayStreet.CA reports. Royal Bank of Canada’s price objective would indicate a potential upside of 18.54% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. Desjardins raised their price target on MEG Energy from C$30.00 to C$31.00 and gave the stock a “hold” rating in a research note on Friday, March 22nd. ATB Capital raised their price objective on MEG Energy from C$32.00 to C$35.00 and gave the company an “outperform” rating in a research note on Wednesday, March 20th. National Bankshares raised their price objective on MEG Energy from C$30.00 to C$32.00 and gave the company a “sector perform” rating in a research note on Monday, March 4th. CIBC raised their price objective on MEG Energy from C$26.00 to C$30.00 and gave the company a “neutral” rating in a research note on Friday, March 22nd. Finally, JPMorgan Chase & Co. raised their price objective on MEG Energy from C$33.00 to C$34.00 in a research note on Tuesday, March 12th. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of C$31.64.

MEG Energy Stock Down 0.8 %

Shares of MEG traded down C$0.25 during midday trading on Tuesday, reaching C$32.90. 557,984 shares of the stock were exchanged, compared to its average volume of 1,882,374. MEG Energy has a 12-month low of C$19.41 and a 12-month high of C$33.44. The firm has a 50 day simple moving average of C$28.26 and a 200-day simple moving average of C$26.33. The company has a quick ratio of 1.17, a current ratio of 1.48 and a debt-to-equity ratio of 30.55. The company has a market cap of C$8.95 billion, a price-to-earnings ratio of 16.63, a P/E/G ratio of 0.17 and a beta of 3.16.

MEG Energy (TSE:MEG) last posted its quarterly earnings results on Thursday, February 29th. The company reported C$0.37 earnings per share for the quarter, missing analysts’ consensus estimates of C$0.59 by C($0.22). MEG Energy had a return on equity of 12.77% and a net margin of 10.06%. The firm had revenue of C$1.44 billion for the quarter, compared to analysts’ expectations of C$1.40 billion. Research analysts forecast that MEG Energy will post 2.3198041 EPS for the current year.

Insider Transactions at MEG Energy

In related news, Senior Officer David Michael Granger sold 32,144 shares of the business’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of C$30.47, for a total value of C$979,504.83. In other MEG Energy news, Senior Officer David Michael Granger sold 32,144 shares of the business’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of C$30.47, for a total value of C$979,504.83. Also, Senior Officer Erik Alexander Alson sold 34,528 shares of the business’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of C$30.24, for a total value of C$1,044,126.72. In the last quarter, insiders have sold 301,679 shares of company stock valued at $8,825,336. 0.63% of the stock is owned by corporate 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.