MEG Energy (TSE:MEG) Price Target Raised to C$34.00 at CIBC

MEG Energy (TSE:MEG) had its price objective lifted by CIBC from C$30.00 to C$34.00 in a report published on Monday morning, BayStreet.CA reports. CIBC currently has a neutral rating on the stock.

MEG has been the topic of several other research reports. BMO Capital Markets raised their target price on shares of MEG Energy from C$35.00 to C$37.00 in a report on Thursday, March 28th. ATB Capital lifted their price target on shares of MEG Energy from C$32.00 to C$35.00 and gave the company an outperform rating in a report on Wednesday, March 20th. Desjardins lifted their price target on shares of MEG Energy from C$30.00 to C$31.00 and gave the company a hold rating in a report on Friday, March 22nd. Jefferies Financial Group lifted their price target on shares of MEG Energy from C$28.00 to C$35.00 and gave the company a hold rating in a report on Friday, April 12th. Finally, Royal Bank of Canada lifted their price target on shares of MEG Energy from C$32.00 to C$39.00 in a report on Tuesday, April 9th. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of C$33.09.

MEG Energy Stock Up 0.3 %

Shares of MEG Energy stock opened at C$31.24 on Monday. The company has a debt-to-equity ratio of 30.55, a quick ratio of 1.17 and a current ratio of 1.48. MEG Energy has a 52-week low of C$19.41 and a 52-week high of C$33.70. The stock has a market capitalization of C$8.50 billion, a price-to-earnings ratio of 15.78, a P/E/G ratio of 0.17 and a beta of 3.16. The company’s 50 day moving average price is C$29.75 and its 200-day moving average price is C$26.78.

MEG Energy (TSE:MEG) last issued its earnings results 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 during the quarter, compared to the consensus estimate of C$1.40 billion. Equities research analysts forecast that MEG Energy will post 2.3198041 EPS for the current year.

Insider Buying and Selling at MEG Energy

In other news, Director Derek Watson Evans sold 234,562 shares of MEG Energy stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of C$28.94, for a total value of C$6,788,247.74. In other MEG Energy news, Senior Officer Erik Alexander Alson sold 34,528 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of C$30.24, for a total transaction of C$1,044,126.72. Also, Director Derek Watson Evans sold 234,562 shares of the business’s stock in a transaction dated 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 90 days, insiders sold 301,679 shares of company stock valued at $8,825,336. 0.63% of the stock is currently 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.