MEG Energy Corp (MEG) Trading Up 2.8% Following Analyst Upgrade
MEG Energy Corp (TSE:MEG)’s share price was up 2.8% during trading on Tuesday after CIBC raised their price target on the stock from C$4.50 to C$5.25. The stock traded as high as C$5.48 and last traded at C$5.48. Approximately 186,111 shares were traded during trading, a decline of 82% from the average daily volume of 1,062,030 shares. The stock had previously closed at C$5.33.
MEG has been the subject of several other research reports. National Bank Financial restated a “sector perform” rating and set a C$4.75 target price on shares of MEG Energy Corp in a research report on Tuesday, June 27th. GMP Securities cut MEG Energy Corp from a “buy” rating to a “hold” rating and dropped their price target for the company from C$8.50 to C$4.00 in a report on Wednesday, June 28th. Finally, TD Securities raised their price target on MEG Energy Corp from C$5.50 to C$6.00 and gave the company a “hold” rating in a report on Friday, July 28th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of C$7.30.
The firm’s 50 day moving average price is $5.30 and its 200-day moving average price is $5.17. The firm’s market capitalization is $1.61 billion.
MEG Energy Corp (TSE:MEG) last posted its quarterly earnings data on Thursday, July 27th. The company reported C($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C($0.17) by C$0.05. MEG Energy Corp had a net margin of 18.17% and a return on equity of 10.88%. The company had revenue of C$574.03 million during the quarter. Equities analysts anticipate that MEG Energy Corp will post ($0.60) earnings per share for the current fiscal year.
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About MEG Energy Corp
MEG Energy Corp (MEG) is a Canada-based oil sands company. It is focused on sustainable in situ oil sands development and production in the southern Athabasca oil sands region of Alberta, Canada. MEG is engaged in developing enhanced oil recovery projects that utilize steam-assisted gravity drainage (SAGD) extraction methods.
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