Desjardins Downgrades MEG Energy (TSE:MEG) to Hold

MEG Energy (TSE:MEG) was downgraded by research analysts at Desjardins from a “buy” rating to a “hold” rating in a report issued on Wednesday, MarketBeat Ratings reports. They currently have a C$26.50 target price on the stock, down from their prior target price of C$29.00. Desjardins’ price objective points to a potential upside of 6.73% from the company’s current price.

Several other equities analysts have also weighed in on the stock. Royal Bank of Canada cut their price objective on shares of MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. National Bankshares increased their price objective on shares of MEG Energy from C$27.00 to C$28.00 and gave the company a “sector perform” rating in a report on Thursday, January 30th. TD Securities cut their price objective on shares of MEG Energy from C$33.00 to C$32.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Finally, ATB Capital cut their price objective on shares of MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of C$30.95.

MEG Energy Trading Down 0.6 %

Shares of TSE MEG opened at C$24.83 on Wednesday. The company’s 50 day simple moving average is C$23.41 and its 200 day simple moving average is C$24.54. MEG Energy has a fifty-two week low of C$19.77 and a fifty-two week high of C$33.70. The firm has a market capitalization of C$6.44 billion, a P/E ratio of 13.15, a P/E/G ratio of 0.17 and a beta of 2.89. The company has a debt-to-equity ratio of 22.80, a current ratio of 1.55 and a quick ratio of 1.17.

Insider Buying and Selling

In related news, Senior Officer Erik Alexander Alson sold 32,728 shares of the firm’s stock in a transaction on Saturday, March 15th. The shares were sold at an average price of C$24.19, for a total transaction of C$791,690.32. Also, Director Darlene Miriam Gates sold 91,584 shares of the firm’s stock in a transaction on Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total transaction of C$2,215,416.96. 0.33% of the stock is currently owned by company insiders.

About MEG Energy

MEG Energy is engaged in in situ oil sands development and production in Alberta, Canada. As of March 2021, the company reported estimated net proved and probable reserves of 2 billion barrels of oil equivalent. Net production averaged 82,000 barrels per day in 2020.