MEG Energy (TSE:MEG) Given New C$33.00 Price Target at Royal Bank of Canada

MEG Energy (TSE:MEG) had its price objective decreased by equities research analysts at Royal Bank of Canada from C$34.00 to C$33.00 in a report issued on Wednesday,BayStreet.CA reports. Royal Bank of Canada’s price target would indicate a potential upside of 32.00% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. TD Securities raised their target price on MEG Energy from C$35.00 to C$36.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. BMO Capital Markets reduced their target price on shares of MEG Energy from C$37.00 to C$34.00 in a research note on Friday, October 4th. National Bankshares dropped their price target on MEG Energy from C$35.00 to C$31.00 in a report on Friday, September 27th. Jefferies Financial Group reduced their price objective 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. Finally, Scotiabank upgraded MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 target price on the stock in a report on Wednesday, September 25th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, MEG Energy currently has an average rating of “Hold” and an average price target of C$32.45.

MEG Energy Price Performance

Shares of MEG stock opened at C$25.00 on Wednesday. MEG Energy has a 12 month low of C$22.79 and a 12 month high of C$33.70. The company has a market capitalization of C$6.74 billion, a P/E ratio of 11.90, a P/E/G ratio of 0.17 and a beta of 2.89. The stock has a 50 day moving average of C$26.11 and a two-hundred day moving average of C$27.29. 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 (TSE:MEG) last issued its 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 during the quarter, compared to the consensus estimate of C$1.33 billion. MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. As a group, equities analysts expect that MEG Energy will post 2.2734628 EPS for the current year.

Insider Activity at MEG Energy

In other MEG Energy news, Director Kimberley Elizabeth Lynch Proctor acquired 3,500 shares of MEG Energy stock in a transaction dated Thursday, November 28th. The stock was bought at an average cost of C$25.06 per share, for a total transaction of C$87,713.85. Also, Director Michael Mcallister purchased 7,400 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was bought at an average price of C$25.67 per share, with a total value of C$189,986.86. 0.33% of the stock is 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.