TD Securities Raises MEG Energy (TSE:MEG) Price Target to C$36.00

MEG Energy (TSE:MEG) had its price target increased by analysts at TD Securities from C$35.00 to C$36.00 in a research report issued on Wednesday,BayStreet.CA reports. The brokerage presently has a “buy” rating on the stock. TD Securities’ target price indicates a potential upside of 32.79% from the company’s current price.

Other equities analysts have also issued research reports about the company. Scotiabank raised MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price target on the stock in a research note on Wednesday, September 25th. Royal Bank of Canada lowered their target price on shares of MEG Energy from C$39.00 to C$35.00 in a research note on Tuesday, September 17th. BMO Capital Markets reduced their price target on shares of MEG Energy from C$37.00 to C$34.00 in a research note on Friday, October 4th. National Bankshares decreased their price objective on shares of MEG Energy from C$35.00 to C$31.00 in a report on Friday, September 27th. Finally, Jefferies Financial Group dropped their target price on shares of MEG Energy from C$32.00 to C$26.00 and set a “hold” rating for the company in a report on Monday, September 16th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of C$32.55.

MEG Energy Price Performance

Shares of MEG stock opened at C$27.11 on Wednesday. The company has a debt-to-equity ratio of 26.35, a current ratio of 1.54 and a quick ratio of 1.17. The company has a market capitalization of C$7.31 billion, a PE ratio of 12.91, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. The firm’s 50-day moving average is C$25.95 and its two-hundred day moving average is C$27.90. MEG Energy has a 12 month low of C$22.79 and a 12 month high of C$33.70.

MEG Energy (TSE:MEG) last released its quarterly earnings results 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 firm had revenue of C$1.27 billion for 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%. Analysts predict that MEG Energy will post 2.2734628 earnings per share for the current year.

Insider Activity

In related news, Director James D. Mcfarland bought 5,000 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was purchased at an average cost of C$26.94 per share, for a total transaction of C$134,700.00. In other news, Director Michael Mcallister acquired 7,400 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were bought at an average cost of C$25.67 per share, with a total value of C$189,986.86. Also, Director James D. Mcfarland acquired 5,000 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were purchased at an average cost of C$26.94 per share, with a total value of C$134,700.00. Insiders own 0.33% of the company’s stock.

About MEG Energy

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.