MEG Energy (TSE:MEG) PT Lowered to C$26.00

MEG Energy (TSE:MEG) had its target price lowered by equities research analysts at Jefferies Financial Group from C$32.00 to C$26.00 in a research report issued on Monday, BayStreet.CA reports. The firm currently has a “hold” rating on the stock. Jefferies Financial Group’s target price indicates a potential upside of 6.21% from the stock’s previous close.

Several other analysts have also recently issued reports on the stock. TD Securities upgraded shares of MEG Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, June 7th. Raymond James set a C$28.00 price objective on MEG Energy and gave the company a “market perform” rating in a research report on Wednesday, May 29th. Finally, Scotiabank boosted their target price on MEG Energy from C$34.00 to C$35.00 in a research report on Friday, July 12th. Seven research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of C$33.45.

MEG Energy Price Performance

TSE:MEG traded up C$0.19 during trading hours on Monday, reaching C$24.48. The stock had a trading volume of 1,025,886 shares, compared to its average volume of 1,644,216. The company has a debt-to-equity ratio of 26.35, a quick ratio of 1.17 and a current ratio of 1.54. The stock has a market capitalization of C$6.60 billion, a PE ratio of 11.66, a PEG ratio of 0.17 and a beta of 2.92. MEG Energy has a 52 week low of C$22.79 and a 52 week high of C$33.70. The company has a 50 day moving average price of C$27.14 and a two-hundred day moving average price of C$29.10.

MEG Energy (TSE:MEG) last announced its quarterly earnings results on Thursday, July 25th. The company reported C$0.86 earnings per share for the quarter, topping the consensus estimate of C$0.69 by C$0.17. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. The company had revenue of C$2.74 billion for the quarter, compared to analysts’ expectations of C$1.28 billion. As a group, sell-side analysts anticipate that MEG Energy will post 2.7951669 earnings per share for the current fiscal year.

Insider Transactions at MEG Energy

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