MEG Energy (TSE:MEG) Sets New 12-Month High at $10.60

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.

MEG Energy (TSE:MEG) last released its quarterly earnings results on Thursday, July 22nd. The company reported C$0.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of C$0.13 by C$0.09. The business had revenue of C$1.01 billion during the quarter, compared to analyst estimates of C$971.65 million. On average, equities research analysts anticipate that MEG Energy Corp. will post 1.7799999 earnings per share for the current year.

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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