MEG Energy (TSE:MEG) Raised to Moderate Buy at Desjardins

MEG Energy (TSE:MEG) was upgraded by Desjardins from a “hold” rating to a “moderate buy” rating in a report issued on Tuesday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the stock. ATB Capital reduced their target price on shares of MEG Energy from C$37.00 to C$35.00 in a research note on Wednesday, November 27th. BMO Capital Markets dropped their target price on MEG Energy from C$37.00 to C$34.00 in a research report on Friday, October 4th. Royal Bank of Canada reduced their price target on MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. Finally, TD Securities boosted their price objective on MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, MEG Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of C$32.27.

MEG Energy Stock Up 3.6 %

Shares of TSE:MEG opened at C$24.20 on Tuesday. The company has a market cap of C$6.52 billion, a price-to-earnings ratio of 11.52, a PEG ratio of 0.17 and a beta of 2.89. MEG Energy has a 12 month low of C$22.02 and a 12 month high of C$33.70. The company has a current ratio of 1.54, a quick ratio of 1.17 and a debt-to-equity ratio of 26.35. The company has a 50-day moving average price of C$24.05 and a 200 day moving average price of C$25.66.

MEG Energy (TSE:MEG) last posted its quarterly earnings data on Tuesday, November 5th. The company reported C$0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.63 by C($0.01). The company had revenue of C$1.27 billion during the quarter, compared to the consensus estimate of C$1.33 billion. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. As a group, equities research analysts predict that MEG Energy will post 2.2734628 earnings per share for the current year.

Insider Activity

In other news, Director Kimberley Elizabeth Lynch Proctor acquired 3,500 shares of MEG Energy stock in a transaction that occurred on Thursday, November 28th. The stock was purchased at an average cost of C$25.06 per share, with a total value of C$87,713.85. Also, Director Robert Ross Rooney acquired 8,500 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was purchased at an average price of C$23.06 per share, for a total transaction of C$195,993.00. Insiders acquired 12,805 shares of company stock worth $303,669 over the last three months. 0.33% of the stock is currently owned by corporate insiders.

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.