MEG Energy (TSE:MEG – Get Free Report) had its price target upped by analysts at BMO Capital Markets from C$35.00 to C$37.00 in a research report issued on Thursday, BayStreet.CA reports. BMO Capital Markets’ target price points to a potential upside of 18.59% from the stock’s previous close.
Several other analysts have also recently issued reports on MEG. Desjardins upped their price objective on shares of MEG Energy from C$30.00 to C$31.00 and gave the company a “hold” rating in a research note on Friday, March 22nd. ATB Capital upped their target price on MEG Energy from C$32.00 to C$35.00 and gave the company an “outperform” rating in a report on Wednesday, March 20th. TD Securities raised their target price on MEG Energy from C$28.00 to C$32.00 and gave the stock a “hold” rating in a research note on Friday, March 1st. CIBC boosted their price target on shares of MEG Energy from C$26.00 to C$30.00 and gave the company a “neutral” rating in a research report on Friday, March 22nd. Finally, Royal Bank of Canada raised their price objective on shares of MEG Energy from C$31.00 to C$32.00 and gave the stock an “outperform” rating in a research report on Monday, March 4th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, MEG Energy presently has a consensus rating of “Hold” and an average target price of C$31.00.
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MEG Energy Price Performance
MEG Energy (TSE:MEG – Get Free Report) last issued its quarterly earnings results on Thursday, February 29th. The company reported C$0.37 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 for 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%. Equities research analysts forecast that MEG Energy will post 2.3185638 earnings per share for the current fiscal year.
Insider Activity
In other MEG Energy news, Senior Officer David Michael Granger sold 32,144 shares of MEG Energy stock in a transaction dated 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 firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of C$30.47, for a total value of C$979,504.83. Also, Director Derek Watson Evans sold 234,562 shares of the stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of C$28.94, for a total value of C$6,788,247.74. Over the last ninety days, insiders sold 301,679 shares of company stock valued at $8,825,336. 0.63% of the stock is currently 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.
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