MEG Energy (TSE:MEG) Price Target Raised to C$35.00

MEG Energy (TSE:MEG - Free Report) had its price objective increased by Scotiabank from C$34.00 to C$35.00 in a research note released on Friday, BayStreet.CA reports.

Other analysts have also issued research reports about the stock. ATB Capital upped their target price on shares of MEG Energy from C$32.00 to C$35.00 and gave the stock an outperform rating in a research note on Wednesday, March 20th. Royal Bank of Canada upped their target price on shares of MEG Energy from C$32.00 to C$39.00 in a research note on Tuesday, April 9th. CIBC upped their target price on shares of MEG Energy from C$30.00 to C$34.00 and gave the stock a neutral rating in a research note on Monday, April 22nd. Jefferies Financial Group upped their target price on shares of MEG Energy from C$28.00 to C$35.00 and gave the stock a hold rating in a research note on Friday, April 12th. Finally, BMO Capital Markets upped their target price on shares of MEG Energy from C$35.00 to C$37.00 in a research note on Thursday, March 28th. Seven equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of C$33.33.

MEG Energy Stock Up 0.9 %

Shares of TSE MEG traded up C$0.24 during mid-day trading on Friday, reaching C$28.44. 1,159,208 shares of the company's stock traded hands, compared to its average volume of 1,733,041. The company has a debt-to-equity ratio of 28.18, a current ratio of 1.41 and a quick ratio of 1.17. The business has a 50-day simple moving average of C$29.28 and a 200 day simple moving average of C$28.33. The stock has a market cap of C$7.75 billion, a P/E ratio of 13.81, a PEG ratio of 0.17 and a beta of 3.12. MEG Energy has a 1-year low of C$22.44 and a 1-year high of C$33.70.

MEG Energy (TSE:MEG - Get Free Report) last released its quarterly earnings results on Monday, May 6th. The company reported C$0.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of C$0.45 by C($0.09). MEG Energy had a net margin of 10.58% and a return on equity of 13.20%. The company had revenue of C$1.36 billion for the quarter, compared to analyst estimates of C$1.25 billion. On average, analysts expect that MEG Energy will post 2.4508333 EPS for the current fiscal year.

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.