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.
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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