CIBC Cuts MEG Energy Corp (TSE:MEG) Price Target to C$4.50
MEG Energy Corp (TSE:MEG) had its price objective dropped by stock analysts at CIBC from C$8.00 to C$4.50 in a research note issued to investors on Thursday, StockTargetPrices.com reports. CIBC’s price target would indicate a potential upside of 6.38% from the stock’s previous close.
MEG has been the subject of several other research reports. TD Securities reaffirmed a “hold” rating and set a C$8.50 target price on shares of MEG Energy Corp in a research note on Friday, March 24th. National Bank Financial reaffirmed a “sector perform” rating and set a C$4.75 target price on shares of MEG Energy Corp in a research note on Tuesday, June 27th. Finally, GMP Securities lowered shares of MEG Energy Corp from a “buy” rating to a “hold” rating and lowered their target price for the stock from C$8.50 to C$4.00 in a research note on Wednesday, June 28th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. MEG Energy Corp has an average rating of “Hold” and a consensus price target of C$7.48.
MEG Energy Corp (TSE:MEG) traded up 0.95% during midday trading on Thursday, hitting $4.27. 2,748,243 shares of the stock traded hands. The stock has a 50-day moving average of $4.12 and a 200 day moving average of $6.09. MEG Energy Corp has a 52-week low of $3.28 and a 52-week high of $9.83. The firm’s market cap is $1.25 billion.
In other MEG Energy Corp news, insider Eric Lloyd Toews purchased 10,000 shares of MEG Energy Corp stock in a transaction dated Wednesday, June 7th. The shares were acquired at an average price of C$4.60 per share, with a total value of C$46,000.00.
About MEG Energy Corp
MEG Energy Corp (MEG) is a Canada-based oil sands company. It is focused on sustainable in situ oil sands development and production in the southern Athabasca oil sands region of Alberta, Canada. MEG is engaged in developing enhanced oil recovery projects that utilize steam-assisted gravity drainage (SAGD) extraction methods.
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