National Bankshares Forecasts Strong Price Appreciation for MEG Energy (TSE:MEG) Stock

MEG Energy (TSE:MEG) had its price target upped by research analysts at National Bankshares from C$27.00 to C$28.00 in a research note issued on Thursday,BayStreet.CA reports. The firm presently has a “sector perform” rating on the stock. National Bankshares’ price target would suggest a potential upside of 16.52% from the company’s previous close.

MEG has been the topic of a number of other research reports. BMO Capital Markets lowered their target price on MEG Energy from C$37.00 to C$34.00 in a research note on Friday, October 4th. TD Securities lifted their price target on MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Desjardins upgraded MEG Energy from a “hold” rating to a “moderate buy” rating in a research report on Tuesday. ATB Capital cut their price objective on MEG Energy from C$37.00 to C$35.00 in a research report on Wednesday, November 27th. Finally, Royal Bank of Canada decreased their target price on MEG Energy from C$33.00 to C$31.00 in a research report on Tuesday, January 14th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, MEG Energy currently has a consensus rating of “Moderate Buy” and an average price target of C$32.00.

MEG Energy Stock Down 0.7 %

Shares of MEG Energy stock traded down C$0.17 on Thursday, reaching C$24.03. The stock had a trading volume of 421,276 shares, compared to its average volume of 2,222,664. The company has a 50 day moving average price of C$24.02 and a 200 day moving average price of C$25.64. The stock has a market capitalization of C$6.48 billion, a P/E ratio of 11.44, a P/E/G ratio of 0.17 and a beta of 2.89. The company has a quick ratio of 1.17, a current ratio of 1.54 and a debt-to-equity ratio of 26.35. MEG Energy has a 1 year low of C$22.02 and a 1 year high of C$33.70.

MEG Energy (TSE:MEG) last announced its quarterly earnings data on Tuesday, November 5th. The company reported C$0.62 EPS for the quarter, missing the consensus estimate of C$0.63 by C($0.01). The company had revenue of C$1.27 billion during the quarter, compared to analysts’ expectations of C$1.33 billion. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. As a group, equities research analysts forecast that MEG Energy will post 2.2734628 EPS for the current year.

Insiders Place Their Bets

In other MEG Energy news, Director Robert Ross Rooney purchased 8,500 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was bought at an average price of C$23.06 per share, with a total value of C$195,993.00. Also, Director Kimberley Elizabeth Lynch Proctor acquired 3,500 shares of MEG Energy stock in a transaction dated Thursday, November 28th. The stock was bought at an average price of C$25.06 per share, for a total transaction of C$87,713.85. Insiders have bought 12,805 shares of company stock worth $303,669 over the last ninety days. Corporate insiders own 0.33% of the company’s stock.

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.