MEG Energy (TSE:MEG) Rating Lowered to “Hold” at Desjardins

MEG Energy (TSE:MEG) was downgraded by investment analysts at Desjardins from a “buy” rating to a “hold” rating in a report issued on Wednesday,BayStreet.CA reports. They presently have a C$26.50 price target on the stock, down from their previous price target of C$29.00. Desjardins’ price target would indicate a potential upside of 6.60% from the company’s current price.

Other analysts have also issued research reports about the company. TD Securities cut their target price on MEG Energy from C$33.00 to C$32.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. National Bankshares boosted their target price on MEG Energy from C$27.00 to C$28.00 and gave the company a “sector perform” rating in a research report on Thursday, January 30th. ATB Capital cut their target price on MEG Energy from C$37.00 to C$35.00 in a research report on Wednesday, November 27th. Finally, Royal Bank of Canada cut their price objective on MEG Energy from C$33.00 to C$31.00 in a research report on Tuesday, January 14th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, MEG Energy presently has an average rating of “Hold” and an average price target of C$30.95.

MEG Energy Trading Up 1.1 %

TSE MEG traded up C$0.26 on Wednesday, reaching C$24.86. The stock had a trading volume of 1,090,139 shares, compared to its average volume of 2,803,321. The firm has a market capitalization of C$6.44 billion, a price-to-earnings ratio of 13.17, 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 1.55 and a debt-to-equity ratio of 22.80. MEG Energy has a 12-month low of C$19.77 and a 12-month high of C$33.70. The stock has a fifty day moving average price of C$23.39 and a two-hundred day moving average price of C$24.57.

Insider Buying and Selling at MEG Energy

In other MEG Energy news, Director Darlene Miriam Gates sold 91,584 shares of the company’s stock in a transaction on Saturday, March 15th. The shares were sold at an average price of C$24.19, for a total value of C$2,215,416.96. 0.33% of the stock is currently owned by 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.