MEG Energy (TSE:MEG) Price Target Increased to C$34.00 by Analysts at CIBC

MEG Energy (TSE:MEG) had its target price upped by stock analysts at CIBC from C$30.00 to C$34.00 in a research report issued on Monday, BayStreet.CA reports. The brokerage presently has a “neutral” rating on the stock. CIBC’s price objective points to a potential upside of 7.26% from the stock’s current price.

MEG has been the topic of several other research reports. JPMorgan Chase & Co. raised their price objective on shares of MEG Energy from C$33.00 to C$34.00 in a research report on Tuesday, March 12th. TD Securities increased their target price on shares of MEG Energy from C$28.00 to C$32.00 and gave the company a “hold” rating in a report on Friday, March 1st. Jefferies Financial Group increased their target price on shares of 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 increased their target price on shares of MEG Energy from C$32.00 to C$39.00 in a report on Tuesday, April 9th. Finally, National Bankshares raised their price target on shares of MEG Energy from C$32.00 to C$37.00 and gave the stock a “sector perform” rating in a report on Friday, April 19th. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, MEG Energy has an average rating of “Hold” and an average target price of C$33.09.

MEG Energy Stock Performance

TSE MEG opened at C$31.70 on Monday. MEG Energy has a 1 year low of C$19.41 and a 1 year high of C$33.70. The company has a debt-to-equity ratio of 30.55, a current ratio of 1.48 and a quick ratio of 1.17. The stock has a market capitalization of C$8.63 billion, a PE ratio of 16.01, a P/E/G ratio of 0.17 and a beta of 3.16. The company’s 50 day simple moving average is C$29.90 and its two-hundred day simple moving average is C$26.83.

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

Insider Activity

In other news, Director Derek Watson Evans sold 234,562 shares of MEG Energy stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of C$28.94, for a total transaction of C$6,788,247.74. In related news, Senior Officer Erik Alexander Alson sold 34,528 shares of MEG Energy stock in a transaction dated Friday, March 15th. The shares were sold at an average price of C$30.24, for a total transaction of C$1,044,126.72. Also, Director Derek Watson Evans sold 234,562 shares of MEG Energy stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of C$28.94, for a total transaction of C$6,788,247.74. In the last 90 days, insiders have sold 301,679 shares of company stock valued at $8,825,336. Corporate 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.