Scotiabank Lowers MEG Energy Corp. (MEG) to Sector Perform
MEG Energy Corp. (TSE:MEG) was downgraded by research analysts at Scotiabank from an “outperform” rating to a “sector perform” rating in a report released on Wednesday. They currently have a C$6.00 target price on the stock. Scotiabank’s price target suggests a potential upside of 3.27% from the company’s current price.
A number of other analysts have also issued reports on the stock. CIBC dropped their price objective on shares of MEG Energy Corp. from C$8.00 to C$4.50 in a research note on Thursday, July 20th. National Bank Financial lifted their price objective on shares of MEG Energy Corp. from C$4.75 to C$5.25 and gave the company a “sector perform” rating in a research note on Friday, October 27th. Barclays PLC lifted their price objective on shares of MEG Energy Corp. from C$5.00 to C$6.00 in a research note on Friday, October 27th. Finally, TD Securities lifted their price objective on shares of MEG Energy Corp. from C$5.50 to C$6.00 and gave the company a “hold” rating in a research note on Friday, July 28th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of C$6.85.
Shares of MEG Energy Corp. (TSE:MEG) traded down C$0.45 during mid-day trading on Wednesday, reaching C$5.81. 823,720 shares of the company’s stock were exchanged, compared to its average volume of 1,494,449. MEG Energy Corp. has a 1 year low of C$3.28 and a 1 year high of C$9.83.
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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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