Analysts Set MEG Energy Corp (TSE:MEG) Price Target at C$6.77
MEG Energy Corp (TSE:MEG) has been given a consensus rating of “Hold” by the fifteen ratings firms that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is C$6.77.
A number of equities analysts have issued reports on the company. Royal Bank of Canada lowered their target price on MEG Energy from C$7.00 to C$6.50 in a report on Friday, October 18th. Morgan Stanley cut MEG Energy from an “overweight” rating to an “underweight” rating and lowered their target price for the stock from C$7.00 to C$5.00 in a report on Wednesday, October 23rd. JPMorgan Chase & Co. lowered their target price on MEG Energy from C$6.50 to C$6.00 in a report on Wednesday, September 11th. Goldman Sachs Group lowered their target price on MEG Energy from C$7.00 to C$6.00 in a report on Tuesday, October 22nd. Finally, CIBC decreased their price objective on MEG Energy from C$7.50 to C$7.00 in a report on Thursday, July 18th.
In related news, Director William Robert Klesse acquired 12,800 shares of the business’s stock in a transaction on Friday, August 16th. The stock was purchased at an average cost of C$4.64 per share, for a total transaction of C$59,423.23. Following the completion of the transaction, the director now directly owns 262,800 shares of the company’s stock, valued at approximately C$1,220,033.23.
MEG Energy (TSE:MEG) last released its earnings results on Wednesday, October 30th. The company reported C$0.08 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of C$0.14 by C($0.06). The business had revenue of C$942.00 million during the quarter, compared to analysts’ expectations of C$791.28 million. As a group, equities analysts expect that MEG Energy will post 0.09 earnings per share for the current year.
MEG Energy Company Profile
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.
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