GMP Securities Boosts MEG Energy (MEG) Price Target to C$8.00

MEG Energy (TSE:MEG) had its price target lifted by GMP Securities from C$7.00 to C$8.00 in a research note released on Monday.

Several other brokerages have also recently weighed in on MEG. Scotiabank cut MEG Energy from an outperform rating to a sector perform rating and set a C$6.00 price target for the company. in a research report on Wednesday, November 15th. Barclays lifted their price target on MEG Energy from C$5.00 to C$7.00 in a research report on Monday, January 29th. Raymond James Financial upgraded MEG Energy from an underperform rating to a market perform rating and lifted their price target for the company from C$5.00 to C$6.50 in a research report on Friday, February 9th. Royal Bank of Canada lifted their price target on MEG Energy from C$8.00 to C$9.00 in a research report on Friday, February 9th. Finally, CIBC lifted their price target on MEG Energy from C$4.50 to C$5.25 in a research report on Tuesday, October 17th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of C$7.11.

MEG Energy (MEG) opened at C$5.30 on Monday. The firm has a market capitalization of $1,570.00, a price-to-earnings ratio of -7.57 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.

MEG Energy (TSE:MEG) last announced its quarterly earnings results on Thursday, February 8th. The company reported C$0.15 earnings per share for the quarter. The company had revenue of C$755.00 million during the quarter. MEG Energy had a return on equity of 8.54% and a net margin of 15.37%.

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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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