MEG Energy (TSE:MEG) Rating Increased to Moderate Buy at Desjardins

MEG Energy (TSE:MEG) was upgraded by analysts at Desjardins from a “hold” rating to a “moderate buy” rating in a research report issued on Tuesday,Zacks.com reports.

Several other research firms also recently issued reports on MEG. ATB Capital cut their price objective on MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. TD Securities increased their price target on shares of MEG Energy from C$35.00 to C$36.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. BMO Capital Markets dropped their price objective on shares of MEG Energy from C$37.00 to C$34.00 in a report on Friday, October 4th. Finally, Royal Bank of Canada reduced their target price on shares of MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of C$32.27.

MEG Energy Trading Up 3.6 %

Shares of MEG stock opened at C$24.20 on Tuesday. MEG Energy has a 1-year low of C$22.02 and a 1-year high of C$33.70. The firm has a market cap of C$6.52 billion, a PE ratio of 11.52, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. The company has a 50-day moving average of C$24.05 and a two-hundred day moving average of C$25.66. The company has a debt-to-equity ratio of 26.35, a current ratio of 1.54 and a quick ratio of 1.17.

MEG Energy (TSE:MEG) last posted its quarterly earnings data on Tuesday, November 5th. The company reported C$0.62 earnings per share for the quarter, missing analysts’ consensus estimates of C$0.63 by C($0.01). MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. The company had revenue of C$1.27 billion for the quarter, compared to analysts’ expectations of C$1.33 billion. On average, analysts predict that MEG Energy will post 2.2734628 EPS for the current year.

Insider Activity at MEG Energy

In related news, Director Robert Ross Rooney purchased 8,500 shares of MEG Energy stock in a transaction that occurred on Wednesday, December 18th. The stock was purchased at an average cost of C$23.06 per share, with a total value of C$195,993.00. Also, Director Kimberley Elizabeth Lynch Proctor acquired 3,500 shares of the firm’s stock in a transaction on Thursday, November 28th. The stock was bought at an average price of C$25.06 per share, with a total value of C$87,713.85. Insiders have acquired 12,805 shares of company stock valued at $303,669 over the last quarter. 0.33% 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.