MEG Energy (TSE:MEG) Price Target Increased to C$37.00 by Analysts at National Bankshares

MEG Energy (TSE:MEG) had its price objective lifted by National Bankshares from C$32.00 to C$37.00 in a research report report published on Friday morning, BayStreet.CA reports. The firm currently has a sector perform rating on the stock.

Several other research firms have also recently issued reports on MEG. TD Securities raised their price objective on shares of MEG Energy from C$28.00 to C$32.00 and gave the stock a hold rating in a research report on Friday, March 1st. BMO Capital Markets raised their price objective on shares of MEG Energy from C$35.00 to C$37.00 in a research report on Thursday, March 28th. Desjardins raised their price objective on shares of MEG Energy from C$30.00 to C$31.00 and gave the stock a hold rating in a research report on Friday, March 22nd. ATB Capital raised their price objective on shares of MEG Energy from C$32.00 to C$35.00 and gave the stock an outperform rating in a research report on Wednesday, March 20th. Finally, Royal Bank of Canada increased their target price on shares of MEG Energy from C$32.00 to C$39.00 in a research note on Tuesday, April 9th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of C$32.73.

MEG Energy Price Performance

Shares of TSE MEG opened at C$31.16 on Friday. The firm has a 50-day simple moving average of C$29.61 and a 200-day simple moving average of C$26.71. The stock has a market capitalization of C$8.48 billion, a price-to-earnings ratio of 15.74, a price-to-earnings-growth ratio of 0.17 and a beta of 3.16. The company has a quick ratio of 1.17, a current ratio of 1.48 and a debt-to-equity ratio of 30.55. MEG Energy has a 52 week low of C$19.41 and a 52 week high of C$33.70.

MEG Energy (TSE:MEG) last released its quarterly earnings data on Thursday, February 29th. The company reported C$0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.59 by C($0.22). MEG Energy had a return on equity of 12.77% and a net margin of 10.06%. The firm had revenue of C$1.44 billion for the quarter, compared to analyst estimates of C$1.40 billion. On average, equities analysts predict that MEG Energy will post 2.3198041 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Derek Watson Evans sold 234,562 shares of the firm’s stock in a transaction that occurred 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. In other 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 firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of C$28.94, for a total transaction of C$6,788,247.74. Insiders sold a total of 301,679 shares of company stock valued at $8,825,336 over the last 90 days. 0.63% of the stock is owned by company insiders.

MEG Energy Company Profile

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.