Shares of MEG Energy Corp. (TSE:MEG) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as C$10.60 and last traded at C$10.56, with a volume of 824250 shares changing hands. The stock had previously closed at C$10.27.
A number of equities research analysts have issued reports on MEG shares. Tudor Pickering boosted their price target on MEG Energy to C$10.00 and gave the company a “buy” rating in a research report on Friday, July 23rd. CIBC reissued a “neutral” rating and set a C$14.00 price target on shares of MEG Energy in a research report on Friday, July 23rd. National Bankshares lowered their price target on MEG Energy from C$15.00 to C$14.50 and set a “sector perform” rating for the company in a research report on Sunday, July 25th. Tudor Pickering & Holt set a C$10.00 price target on MEG Energy and gave the company a “buy” rating in a research report on Friday, July 23rd. Finally, The Goldman Sachs Group boosted their price target on MEG Energy from C$10.00 to C$11.00 and gave the company a “buy” rating in a research report on Tuesday, September 28th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of C$10.06.
The company has a 50-day moving average price of C$8.54 and a two-hundred day moving average price of C$8.04. The company has a debt-to-equity ratio of 86.98, a current ratio of 1.20 and a quick ratio of 0.95. The company has a market cap of C$3.29 billion and a PE ratio of 55.39.
In other MEG Energy news, Director William Robert Klesse purchased 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 18th. The shares were acquired 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.
MEG Energy Company Profile (TSE:MEG)
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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