Royal Bank of Canada Issues Pessimistic Forecast for MEG Energy (TSE:MEG) Stock Price

MEG Energy (TSE:MEG) had its target price lowered by stock analysts at Royal Bank of Canada from C$33.00 to C$31.00 in a research note issued on Tuesday,BayStreet.CA reports. Royal Bank of Canada’s target price points to a potential upside of 30.64% from the company’s previous close.

MEG has been the topic of a number of other reports. TD Securities boosted 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 note on Wednesday, November 6th. BMO Capital Markets decreased their target price on shares of MEG Energy from C$37.00 to C$34.00 in a research report on Friday, October 4th. Scotiabank upgraded shares of MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price target for the company in a report on Wednesday, September 25th. Jefferies Financial Group decreased their price objective on shares of MEG Energy from C$32.00 to C$26.00 and set a “hold” rating on the stock in a report on Monday, September 16th. Finally, ATB Capital lowered their price target on MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, MEG Energy currently has an average rating of “Moderate Buy” and a consensus price target of C$32.27.

MEG Energy Stock Up 0.1 %

TSE:MEG traded up C$0.03 during midday trading on Tuesday, hitting C$23.73. 1,328,155 shares of the company were exchanged, compared to its average volume of 2,220,856. The company has a market capitalization of C$6.40 billion, a PE ratio of 11.30, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. MEG Energy has a fifty-two week low of C$22.02 and a fifty-two week high of C$33.70. The company has a fifty day simple moving average of C$24.54 and a 200 day simple moving average of C$26.08. The company has a current ratio of 1.54, a quick ratio of 1.17 and a debt-to-equity ratio of 26.35.

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

Insider Buying and Selling

In other MEG Energy news, Director Robert Ross Rooney acquired 8,500 shares of MEG Energy stock in a transaction dated Wednesday, December 18th. The stock was acquired at an average cost of C$23.06 per share, for a total transaction of C$195,993.00. Also, Director Kimberley Elizabeth Lynch Proctor bought 3,500 shares of the stock in a transaction that occurred on Thursday, November 28th. The stock was acquired at an average price of C$25.06 per share, for a total transaction of C$87,713.85. Insiders have bought 12,805 shares of company stock worth $303,669 over the last ninety days. 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.