Scotiabank Upgrades MEG Energy (TSE:MEG) to Buy

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.

MEG Energy (TSE:MEG) last released its earnings results on Thursday, July 22nd. The company reported C$0.22 earnings per share for the quarter, topping analysts’ consensus estimates of C$0.13 by C$0.09. The business had revenue of C$1.01 billion during the quarter, compared to analysts’ expectations of C$971.65 million. On average, sell-side analysts predict that MEG Energy will post 1.7799999 EPS for the current year.

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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Analyst Recommendations for MEG Energy (TSE:MEG)

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