MEG Energy (MEG) Price Target Raised to C$9.00 at Royal Bank of Canada

MEG Energy (TSE:MEG) had its price objective raised by Royal Bank of Canada from C$8.00 to C$9.00 in a note issued to investors on Friday. Royal Bank of Canada’s target price points to a potential upside of 64.23% from the stock’s previous close.

Several other analysts also recently issued reports on MEG. Barclays decreased their target price on MEG Energy from C$6.00 to C$5.00 in a research note on Thursday, December 21st. CIBC lifted their target price on MEG Energy from C$4.50 to C$5.25 in a research note on Tuesday, October 17th. GMP Securities lifted their target price on MEG Energy from C$5.50 to C$7.00 and gave the company a “buy” rating in a research note on Monday, December 4th. Eight Capital set a C$8.00 target price on MEG Energy and gave the company a “buy” rating in a research note on Thursday, January 11th. Finally, National Bank Financial lifted their price objective on MEG Energy from C$5.25 to C$6.25 and gave the stock a “sector perform” rating in a research note on Tuesday, January 9th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of C$6.89.

Shares of MEG Energy (TSE MEG) traded down C$0.17 on Friday, reaching C$5.48. The company had a trading volume of 2,162,539 shares, compared to its average volume of 1,742,063. The company has a market cap of $1,520.00, a P/E ratio of -7.73 and a beta of 2.48. MEG Energy has a 52 week low of C$3.28 and a 52 week high of C$7.44.

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About MEG Energy

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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