MEG Energy (TSE:MEG – Get Free Report) had its price target raised by research analysts at Jefferies Financial Group from C$28.00 to C$35.00 in a research report issued on Friday, BayStreet.CA reports. The brokerage currently has a “hold” rating on the stock. Jefferies Financial Group’s price target would indicate a potential upside of 9.92% from the stock’s current price.
Several other brokerages also recently commented on MEG. Royal Bank of Canada upped their price target on shares of MEG Energy from C$32.00 to C$39.00 in a research report on Tuesday. CIBC upped their price target 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. National Bankshares upped their price target on shares of MEG Energy from C$30.00 to C$32.00 and gave the company a “sector perform” rating in a research report on Monday, March 4th. BMO Capital Markets upped their price target on shares of MEG Energy from C$35.00 to C$37.00 in a research report on Thursday, March 28th. Finally, Desjardins upped their price target on shares of MEG Energy from C$30.00 to C$31.00 and gave the company a “hold” rating in a research report on Friday, March 22nd. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of C$32.27.
Get Our Latest Stock Analysis on MEG
MEG Energy Price Performance
MEG Energy (TSE:MEG – Get Free Report) last released its earnings results on Thursday, February 29th. The company reported C$0.37 EPS for the quarter, missing the consensus estimate 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 business had revenue of C$1.44 billion for the quarter, compared to analyst estimates of C$1.40 billion. On average, analysts forecast that MEG Energy will post 2.3198041 EPS for the current fiscal year.
Insider Transactions at MEG Energy
In other news, Director Derek Watson Evans sold 234,562 shares of the stock in a transaction on 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 related news, Senior Officer Erik Alexander Alson sold 34,528 shares of the firm’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of C$30.24, for a total value of C$1,044,126.72. Also, Director Derek Watson Evans sold 234,562 shares of the firm’s stock in a transaction on 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. Insiders have sold a total of 301,679 shares of company stock worth $8,825,336 in the last 90 days. 0.63% of the stock is owned by insiders.
About MEG Energy
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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