MEG Energy (TSE:MEG) was upgraded by equities researchers at Scotiabank to a “buy” rating in a note issued to investors on Thursday, TipRanks reports. The brokerage presently has a C$13.00 price objective on the stock. Scotiabank’s price objective would indicate a potential upside of 22.87% from the company’s previous close.
Several other research analysts have also recently issued reports on MEG. CIBC restated a “neutral” rating and issued a C$14.00 price objective on shares of MEG Energy in a research note on Friday, July 23rd. ATB Capital lifted their price target on MEG Energy from C$10.25 to C$11.00 and gave the stock a “sector perform” rating in a research note on Wednesday, June 23rd. Tudor Pickering & Holt set a C$10.00 price objective on MEG Energy and gave the stock a “buy” rating in a research note on Friday, July 23rd. JPMorgan Chase & Co. restated a “buy” rating on shares of MEG Energy in a research report on Thursday, September 16th. Finally, UBS Group reiterated a “neutral” rating and issued a C$8.30 price objective on shares of MEG Energy in a report on Monday, July 26th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, MEG Energy currently has an average rating of “Buy” and an average target price of C$10.06.
Shares of MEG traded up C$0.31 during mid-day trading on Thursday, hitting C$10.58. 856,178 shares of the stock were exchanged, compared to its average volume of 2,419,408. The firm has a 50-day moving average of C$8.54 and a two-hundred day moving average of C$8.04. MEG Energy has a 52-week low of C$2.14 and a 52-week high of C$10.60. The company has a market cap of C$3.25 billion and a PE ratio of 55.39. The company has a debt-to-equity ratio of 86.98, a quick ratio of 0.95 and a current ratio of 1.20.
In other MEG Energy news, Director William Robert Klesse acquired 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 18th. The shares were acquired at an average price of C$7.56 per share, for a total transaction of C$75,580.56. Following the completion of the acquisition, the director now directly owns 390,000 shares of the company’s stock, valued at C$2,947,641.84.
About MEG Energy
MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production in the southern Athabasca region of Alberta, Canada. The company owns a 100% interest in approximately 450 square miles of mineral leases. It is developing oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the recovery of oil, as well as lower carbon emissions.
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