UBS Group Trims MEG Energy (MEG) Target Price to C$6.00

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MEG Energy (TSE:MEG) had its target price reduced by UBS Group from C$8.70 to C$6.00 in a research note issued to investors on Tuesday morning, www.baystreet.ca reports.

A number of other brokerages have also recently weighed in on MEG. TD Securities upgraded shares of MEG Energy from a hold rating to a buy rating and reduced their price objective for the stock from C$12.00 to C$7.00 in a research note on Wednesday, January 23rd. Morgan Stanley upgraded shares of MEG Energy from an equal weight rating to an overweight rating and reduced their price objective for the stock from C$10.00 to C$8.00 in a research note on Wednesday, January 30th. CIBC reduced their price objective on shares of MEG Energy from C$9.50 to C$8.30 in a research note on Wednesday, December 19th. JPMorgan Chase & Co. reduced their price objective on shares of MEG Energy from C$9.50 to C$7.00 in a research note on Tuesday, December 11th. Finally, AltaCorp Capital upgraded shares of MEG Energy from a sector perform rating to an outperform rating in a research note on Wednesday, January 23rd. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of C$8.11.

TSE MEG opened at C$4.99 on Tuesday. The company has a quick ratio of 1.35, a current ratio of 1.56 and a debt-to-equity ratio of 87.50. The company has a market capitalization of $1.51 billion and a price-to-earnings ratio of 26.68. MEG Energy has a 12-month low of C$4.28 and a 12-month high of C$11.70.

MEG Energy (TSE:MEG) last posted its earnings results on Thursday, March 7th. The company reported C($0.40) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of C($0.18) by C($0.22). The business had revenue of C$520.00 million for the quarter, compared to analysts’ expectations of C$634.84 million. As a group, analysts anticipate that MEG Energy will post -0.199999992395438 EPS for the current fiscal year.

About MEG Energy

MEG Energy Corp., an oil sands company, focuses on sustainable in situ development and production in the southern Athabasca oil sands region of Alberta. The company owns a 100% interest in approximately 900 square miles of oil sands leases in the southern Athabasca oil sands region of northern Alberta, as well as primarily engages in a steam-assisted gravity drainage oil sands development at its Christina Lake project.

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