MEG Energy (TSE:MEG) Price Target Lowered to C$11.00 at JPMorgan Chase & Co.

MEG Energy (TSE:MEG) had its target price cut by research analysts at JPMorgan Chase & Co. to C$11.00 in a research report issued to clients and investors on Wednesday, Stock Target Advisor reports. The firm presently has a “na” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 25.86% from the stock’s current price.

A number of other equities research analysts have also commented on the company. Tudor Pickering & Holt set a C$10.00 target price on MEG Energy and gave the company a “buy” rating in a research report on Friday, July 23rd. CIBC restated a “neutral” rating and issued a C$14.00 price objective on shares of MEG Energy in a research report on Friday, July 23rd. BMO Capital Markets upped their price target on MEG Energy from C$10.00 to C$14.00 and gave the stock a “na” rating in a report on Monday, June 21st. Scotiabank lifted their target price on shares of MEG Energy from C$9.50 to C$10.00 in a research report on Thursday, July 15th. Finally, National Bankshares lowered their target price on shares of MEG Energy from C$15.00 to C$14.50 and set a “sector perform” rating on the stock in a research note on Sunday, July 25th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of C$9.56.

Shares of TSE MEG traded up C$0.14 during mid-day trading on Wednesday, reaching C$8.74. The company had a trading volume of 1,428,941 shares, compared to its average volume of 2,478,096. The company has a current ratio of 1.20, a quick ratio of 0.95 and a debt-to-equity ratio of 86.98. The stock has a market cap of C$2.68 billion and a price-to-earnings ratio of 45.71. The business’s 50-day moving average is C$8.00 and its 200-day moving average is C$7.69. MEG Energy has a 52 week low of C$2.14 and a 52 week high of C$9.60.

MEG Energy (TSE:MEG) last announced its quarterly earnings results on Thursday, July 22nd. The company reported C$0.22 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of C$0.13 by C$0.09. The company had revenue of C$1.01 billion during the quarter, compared to analysts’ expectations of C$971.65 million. As a group, equities research analysts forecast that MEG Energy will post 1.7359861 earnings per share for the current year.

In other news, Director William Robert Klesse bought 10,000 shares of the stock in a transaction that occurred on Wednesday, August 18th. The stock was purchased at an average price of C$7.56 per share, for a total transaction of C$75,580.56. Following the completion of the purchase, the director now owns 390,000 shares in the company, valued at approximately C$2,947,641.84.

About MEG Energy

MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production in the southern Athabasca region of Alberta, Canada. The company owns a 100% interest in approximately 450 square miles of mineral leases. It is developing oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the recovery of oil, as well as lower carbon emissions.

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