Royal Bank of Canada Cuts MEG Energy (TSE:MEG) Price Target to C$33.00

MEG Energy (TSE:MEG) had its price objective decreased by stock analysts at Royal Bank of Canada from C$34.00 to C$33.00 in a note issued to investors on Wednesday,BayStreet.CA reports. Royal Bank of Canada’s target price suggests a potential upside of 33.01% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Scotiabank upgraded MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 target price for the company in a report on Wednesday, September 25th. BMO Capital Markets lowered their target price on MEG Energy from C$37.00 to C$34.00 in a report on Friday, October 4th. Jefferies Financial Group lowered their target price on MEG Energy from C$32.00 to C$26.00 and set a “hold” rating for the company in a report on Monday, September 16th. National Bankshares decreased their price objective on MEG Energy from C$35.00 to C$31.00 in a research note on Friday, September 27th. Finally, TD Securities lifted their price objective on MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of C$32.45.

MEG Energy Trading Up 0.4 %

Shares of TSE:MEG traded up C$0.10 during midday trading on Wednesday, reaching C$24.81. 731,545 shares of the company’s stock were exchanged, compared to its average volume of 1,675,050. The firm’s 50 day simple moving average is C$26.11 and its two-hundred day simple moving average is C$27.38. The company has a debt-to-equity ratio of 26.35, a current ratio of 1.54 and a quick ratio of 1.17. The stock has a market cap of C$6.69 billion, a price-to-earnings ratio of 11.81, a P/E/G ratio of 0.17 and a beta of 2.89. 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 issued its quarterly earnings data on Tuesday, November 5th. The company reported C$0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C$0.63 by C($0.01). The business had revenue of C$1.27 billion for the quarter, compared to analyst estimates 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, sell-side analysts forecast that MEG Energy will post 2.2734628 EPS for the current fiscal year.

Insider Activity

In other MEG Energy news, Director James D. Mcfarland acquired 5,000 shares of the stock in a transaction on Friday, August 30th. The shares were bought at an average cost of C$26.94 per share, with a total value of C$134,700.00. Also, Director Michael Mcallister acquired 7,400 shares of the stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average cost of C$25.67 per share, for a total transaction of C$189,986.86. Corporate insiders own 0.33% of the company’s stock.

MEG Energy Company Profile

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.