MEG Energy (TSE:MEG – Free Report) had its price objective raised by Jefferies Financial Group from C$28.00 to C$35.00 in a research note issued to investors on Friday morning, BayStreet.CA reports. They currently have a hold rating on the stock.
A number of other research firms have also weighed in on MEG. ATB Capital lifted their price objective on shares of MEG Energy from C$32.00 to C$35.00 and gave the company an outperform rating in a research report on Wednesday, March 20th. Royal Bank of Canada lifted their price objective on shares of MEG Energy from C$32.00 to C$39.00 in a research report on Tuesday, April 9th. CIBC lifted their price objective on shares of MEG Energy from C$26.00 to C$30.00 and gave the company a neutral rating in a research report on Friday, March 22nd. Desjardins boosted their target price on shares of MEG Energy from C$30.00 to C$31.00 and gave the stock a hold rating in a research report on Friday, March 22nd. Finally, National Bankshares boosted their target price on shares of MEG Energy from C$30.00 to C$32.00 and gave the stock a sector perform rating in a research report on Monday, March 4th. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of C$32.27.
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MEG Energy Stock Performance
MEG Energy (TSE:MEG – Get Free Report) last posted its quarterly earnings data on Thursday, February 29th. The company reported C$0.37 earnings per share for the quarter, missing analysts’ consensus estimates of C$0.59 by C($0.22). MEG Energy had a net margin of 10.06% and a return on equity of 12.77%. The firm had revenue of C$1.44 billion during the quarter, compared to analysts’ expectations of C$1.40 billion. As a group, equities analysts forecast that MEG Energy will post 2.3198041 earnings per share for the current year.
Insider Activity at MEG Energy
In other news, Director Derek Watson Evans sold 234,562 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of C$28.94, for a total transaction of C$6,788,247.74. In other news, Senior Officer David Michael Granger sold 32,144 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of C$30.47, for a total transaction of C$979,504.83. Also, Director Derek Watson Evans sold 234,562 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of C$28.94, for a total value of C$6,788,247.74. In the last quarter, insiders sold 301,679 shares of company stock valued at $8,825,336. 0.63% of the stock is owned by 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.
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