MEG Energy (TSE:MEG) Upgraded to Outperform by Scotiabank

MEG Energy (TSE:MEG) was upgraded by equities research analysts at Scotiabank from a “sector perform” rating to an “outperform” rating in a research note issued on Wednesday, BayStreet.CA reports. The brokerage presently has a C$35.00 price target on the stock. Scotiabank’s price target points to a potential upside of 36.99% from the stock’s current price.

Several other research firms have also weighed in on MEG. TD Securities raised MEG Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, June 7th. Royal Bank of Canada dropped their price target on MEG Energy from C$39.00 to C$35.00 in a research report on Tuesday, September 17th. Raymond James set a C$28.00 target price on MEG Energy and gave the company a “market perform” rating in a research note on Wednesday, May 29th. Finally, Jefferies Financial Group lowered their target price on MEG Energy from C$32.00 to C$26.00 and set a “hold” rating on the stock in a research note on Monday, September 16th. Six investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, MEG Energy presently has an average rating of “Moderate Buy” and a consensus price target of C$33.09.

MEG Energy Trading Down 1.8 %

Shares of MEG Energy stock traded down C$0.46 on Wednesday, reaching C$25.55. 1,080,172 shares of the company were exchanged, compared to its average volume of 1,651,550. The stock has a fifty day moving average price of C$26.69 and a 200-day moving average price of C$28.94. The firm has a market capitalization of C$6.89 billion, a price-to-earnings ratio of 12.17, a price-to-earnings-growth ratio of 0.17 and a beta of 2.92. The company has a current ratio of 1.54, a quick ratio of 1.17 and a debt-to-equity ratio of 26.35. MEG Energy has a fifty-two week low of C$22.79 and a fifty-two week high of C$33.70.

MEG Energy (TSE:MEG) last posted its quarterly earnings results on Thursday, July 25th. The company reported C$0.86 earnings per share for the quarter, beating the consensus estimate of C$0.69 by C$0.17. The firm had revenue of C$2.74 billion for the quarter, compared to analyst estimates of C$1.28 billion. MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. On average, analysts expect that MEG Energy will post 2.2403101 EPS for the current year.

Insider Transactions at MEG Energy

In related news, Director Michael Mcallister purchased 7,400 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average price of C$25.67 per share, for a total transaction of C$189,986.86. In other MEG Energy news, Director Michael Mcallister acquired 7,400 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average price 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 business’s stock in a transaction that occurred on Friday, August 30th. The shares were acquired at an average cost of C$26.94 per share, with a total value of C$134,700.00. 0.33% of the stock is currently owned by corporate 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.