MEG Energy Corp (MEG) Price Target Lowered to C$4.50 at CIBC

MEG Energy Corp (TSE:MEG) had its target price lowered by CIBC from C$8.00 to C$4.50 in a report published on Thursday, July 20th.

A number of other brokerages have also recently issued reports on MEG. TD Securities restated a hold rating and set a C$8.50 price objective on shares of MEG Energy Corp in a report on Friday, March 24th. GMP Securities cut MEG Energy Corp from a buy rating to a hold rating and reduced their price objective for the stock from C$8.50 to C$4.00 in a report on Wednesday, June 28th. Finally, National Bank Financial restated a sector perform rating and set a C$4.75 price objective on shares of MEG Energy Corp in a report on Tuesday, June 27th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of C$7.23.

MEG Energy Corp (TSE:MEG) traded down 4.66% during midday trading on Thursday, reaching $5.12. The company’s stock had a trading volume of 2,175,787 shares. The company’s 50-day moving average price is $4.07 and its 200-day moving average price is $5.90. The company’s market capitalization is $1.51 billion. MEG Energy Corp has a 1-year low of $3.28 and a 1-year high of $9.83.

MEG Energy Corp (TSE:MEG) last announced its quarterly earnings results on Thursday, July 27th. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.05. MEG Energy Corp had a return on equity of 0.18% and a net margin of 0.28%. The firm had revenue of $574.03 million for the quarter. On average, analysts predict that MEG Energy Corp will post ($0.54) earnings per share for the current fiscal year.

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In related news, insider Eric Lloyd Toews purchased 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 7th. The stock was acquired at an average cost of C$4.60 per share, for a total transaction 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.