TD Securities Cuts MEG Energy (TSE:MEG) Price Target to C$32.00

MEG Energy (TSE:MEG) had its target price decreased by TD Securities from C$33.00 to C$32.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The brokerage presently has a “buy” rating on the stock. TD Securities’ price target would suggest a potential upside of 43.11% from the company’s previous close.

Several other equities analysts have also recently issued reports on the stock. ATB Capital lowered their target price on shares of MEG Energy from C$37.00 to C$35.00 in a research note on Wednesday, November 27th. Desjardins upgraded shares of MEG Energy from a “hold” rating to a “moderate buy” rating in a report on Tuesday, January 28th. National Bankshares boosted their target price on shares of MEG Energy from C$27.00 to C$28.00 and gave the company a “sector perform” rating in a research note on Thursday, January 30th. Finally, Royal Bank of Canada dropped their price target on MEG Energy from C$33.00 to C$31.00 in a research note on Tuesday, January 14th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of C$31.64.

MEG Energy Stock Down 2.6 %

MEG stock traded down C$0.59 during midday trading on Friday, hitting C$22.36. The company’s stock had a trading volume of 1,870,866 shares, compared to its average volume of 2,246,925. The company has a market cap of C$5.80 billion, a PE ratio of 11.84, a P/E/G ratio of 0.17 and a beta of 2.89. The firm’s 50-day moving average is C$23.55 and its 200-day moving average is C$25.00. MEG Energy has a 12 month low of C$21.43 and a 12 month high of C$33.70. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 22.80.

Insider Buying and Selling

In other news, Director Robert Ross Rooney bought 8,500 shares of MEG Energy stock in a transaction dated Wednesday, December 18th. The shares were acquired at an average price of C$23.06 per share, with a total value of C$195,993.00. 0.33% of the stock is owned by company 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.