MEG Energy Corp. (TSE:MEG) Receives Average Recommendation of “Hold” from Brokerages

Shares of MEG Energy Corp. (TSE:MEG) have received a consensus rating of “Hold” from the ten ratings firms that are covering the firm, MarketBeat reports. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is C$33.09.

A number of research firms recently weighed in on MEG. JPMorgan Chase & Co. lifted their price objective on shares of MEG Energy from C$33.00 to C$34.00 in a research note on Tuesday, March 12th. Jefferies Financial Group lifted their price objective on shares of MEG Energy from C$28.00 to C$35.00 and gave the company a “hold” rating in a research note on Friday, April 12th. ATB Capital raised their price target on shares of MEG Energy from C$32.00 to C$35.00 and gave the company an “outperform” rating in a report on Wednesday, March 20th. Royal Bank of Canada raised their price target on shares of MEG Energy from C$32.00 to C$39.00 in a report on Tuesday, April 9th. Finally, BMO Capital Markets raised their price target on shares of MEG Energy from C$35.00 to C$37.00 in a report on Thursday, March 28th.

MEG Energy Trading Down 0.4 %

TSE:MEG opened at C$31.57 on Thursday. The company has a debt-to-equity ratio of 30.55, a quick ratio of 1.17 and a current ratio of 1.48. The firm has a market cap of C$8.59 billion, a price-to-earnings ratio of 15.94, a price-to-earnings-growth ratio of 0.17 and a beta of 3.16. MEG Energy has a 52 week low of C$19.41 and a 52 week high of C$33.70. The firm has a 50-day moving average price of C$30.04 and a two-hundred day moving average price of C$26.86.

MEG Energy (TSE:MEG) last issued its quarterly earnings results on Thursday, February 29th. The company reported C$0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.59 by C($0.22). MEG Energy had a return on equity of 12.77% and a net margin of 10.06%. The company had revenue of C$1.44 billion for the quarter, compared to analysts’ expectations of C$1.40 billion. On average, equities analysts expect that MEG Energy will post 2.3198041 earnings per share for the current fiscal year.

Insider Buying and Selling at MEG Energy

In other MEG Energy news, Senior Officer Erik Alexander Alson sold 34,528 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of C$30.24, for a total value of C$1,044,126.72. In other news, Director Derek Watson Evans sold 234,562 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of C$28.94, for a total value of C$6,788,247.74. Also, Senior Officer Erik Alexander Alson sold 34,528 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of C$30.24, for a total transaction of C$1,044,126.72. Over the last quarter, insiders have sold 301,679 shares of company stock worth $8,825,336. 0.63% of the stock is currently owned by company insiders.

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.