The Goldman Sachs Group Lowers MEG Energy (TSE:MEG) Price Target to C$22.00

MEG Energy (TSE:MEG – Get Rating) had its target price lowered by analysts at The Goldman Sachs Group to C$22.00 in a note issued to investors on Wednesday, Stock Target Advisor reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price points to a potential upside of 32.61% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Raymond James set a C$24.00 price objective on MEG Energy and gave the company an “outperform” rating in a research report on Tuesday, May 3rd. Scotiabank lowered MEG Energy from an “outperform” rating to a “hold” rating and raised their price objective for the company from C$23.00 to C$26.00 in a research report on Wednesday, June 8th. Royal Bank of Canada raised their price objective on MEG Energy from C$21.00 to C$22.00 and gave the company an “outperform” rating in a research report on Wednesday, May 4th. TD Securities raised their price objective on MEG Energy from C$21.00 to C$23.00 and gave the company a “hold” rating in a research report on Tuesday, May 3rd. Finally, CIBC raised their price objective on MEG Energy from C$23.00 to C$26.00 and gave the company a “neutral” rating in a research report on Thursday, June 9th. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of C$20.88.

Shares of MEG stock opened at C$16.59 on Wednesday. The stock has a fifty day moving average of C$20.57 and a 200 day moving average of C$16.97. MEG Energy has a 52 week low of C$6.85 and a 52 week high of C$24.47. The firm has a market capitalization of C$5.10 billion and a price-to-earnings ratio of 7.86. The company has a quick ratio of 1.15, a current ratio of 1.58 and a debt-to-equity ratio of 64.62.

MEG Energy (TSE:MEG – Get Rating) last announced its quarterly earnings results on Monday, May 2nd. The company reported C$1.15 EPS for the quarter, topping analysts’ consensus estimates of C$1.10 by C$0.05. The business had revenue of C$1.53 billion during the quarter, compared to analysts’ expectations of C$1.63 billion. Equities research analysts anticipate that MEG Energy will post 3.0711317 earnings per share for the current year.

In related news, Director James D. Mcfarland sold 5,000 shares of MEG Energy stock in a transaction dated Thursday, June 9th. The stock was sold at an average price of C$24.04, for a total value of C$120,195.00. Following the completion of the sale, the director now directly owns 4,009 shares in the company, valued at approximately C$96,372.35. Also, Senior Officer Chi-Tak Yee sold 141,520 shares of MEG Energy stock in a transaction dated Friday, April 1st. The stock was sold at an average price of C$17.02, for a total value of C$2,408,670.40. Following the completion of the sale, the insider now owns 184,150 shares of the company’s stock, valued at C$3,134,233. Insiders have sold 445,432 shares of company stock valued at $8,531,341 over the last 90 days.

MEG Energy Company Profile (Get Rating)

MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production in the southern Athabasca oil region of Alberta, Canada. The company owns a 100% interest in approximately 410 square miles of mineral leases. It also develops oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the recovery of oil, as well as lower carbon emissions.

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