National Bankshares Boosts MEG Energy (TSE:MEG) Price Target to C$37.00

MEG Energy (TSE:MEG) had its price target hoisted by National Bankshares from C$32.00 to C$37.00 in a research report sent to investors on Friday morning, BayStreet.CA reports. The brokerage currently has a sector perform rating on the stock.

MEG has been the subject of a number of other reports. ATB Capital raised their target price on shares of MEG Energy from C$32.00 to C$35.00 and gave the stock an outperform rating in a report on Wednesday, March 20th. Jefferies Financial Group increased their target price on MEG Energy from C$28.00 to C$35.00 and gave the company a hold rating in a report on Friday, April 12th. Royal Bank of Canada lifted their target price on MEG Energy from C$32.00 to C$39.00 in a research note on Tuesday, April 9th. Desjardins increased their price target on shares of MEG Energy from C$30.00 to C$31.00 and gave the stock a hold rating in a research report on Friday, March 22nd. Finally, CIBC upped their price target on shares of MEG Energy from C$26.00 to C$30.00 and gave the stock a neutral rating in a research note on Friday, March 22nd. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of C$33.09.

MEG Energy Stock Performance

MEG stock opened at C$31.24 on Friday. The stock’s fifty day moving average is C$29.75 and its two-hundred day moving average is C$26.78. The stock has a market capitalization of C$8.50 billion, a price-to-earnings ratio of 15.78, a PEG ratio of 0.17 and a beta of 3.16. The company has a debt-to-equity ratio of 30.55, a quick ratio of 1.17 and a current ratio of 1.48. MEG Energy has a 1 year low of C$19.41 and a 1 year high of C$33.70.

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

Insiders Place Their Bets

In related news, Director Derek Watson Evans sold 234,562 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of C$28.94, for a total transaction of C$6,788,247.74. In other news, Director Derek Watson Evans sold 234,562 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of C$28.94, for a total transaction of C$6,788,247.74. Also, Senior Officer David Michael Granger sold 32,144 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of C$30.47, for a total transaction of C$979,504.83. Insiders sold a total of 301,679 shares of company stock worth $8,825,336 over the last quarter. Company insiders own 0.63% of the company’s stock.

MEG Energy Company Profile

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.