JPMorgan Chase & Co. Boosts MEG Energy (TSE:MEG) Price Target to C$7.00

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MEG Energy (TSE:MEG) had its target price boosted by research analysts at JPMorgan Chase & Co. from C$6.00 to C$7.00 in a research report issued to clients and investors on Monday, BayStreet.CA reports. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 8.36% from the company’s previous close.

A number of other brokerages have also commented on MEG. Goldman Sachs Group decreased their price target on shares of MEG Energy from C$7.00 to C$6.00 in a report on Tuesday, October 22nd. CSFB increased their price target on shares of MEG Energy from C$7.00 to C$8.00 in a report on Friday, November 22nd. Raymond James set a C$6.50 price target on shares of MEG Energy and gave the stock a “market perform” rating in a report on Tuesday, November 26th. Morgan Stanley lowered shares of MEG Energy from an “overweight” rating to an “underweight” rating and decreased their price target for the stock from C$7.00 to C$5.00 in a report on Wednesday, October 23rd. Finally, UBS Group increased their price target on shares of MEG Energy from C$5.50 to C$6.00 in a report on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of C$6.92.

Shares of TSE:MEG opened at C$6.46 on Monday. The company’s fifty day moving average price is C$5.52 and its 200-day moving average price is C$5.23. The firm has a market capitalization of $1.88 billion and a price-to-earnings ratio of -6.73. MEG Energy has a one year low of C$4.06 and a one year high of C$8.62. The company has a debt-to-equity ratio of 92.61, a current ratio of 1.52 and a quick ratio of 1.25.

MEG Energy (TSE:MEG) last issued its quarterly earnings results on Wednesday, October 30th. The company reported C$0.08 EPS for the quarter, missing the Zacks’ consensus estimate of C$0.14 by C($0.06). The firm had revenue of C$942.00 million for the quarter, compared to analysts’ expectations of C$791.28 million. As a group, equities research analysts expect that MEG Energy will post 0.0701266 EPS for the current year.

MEG Energy Company Profile

MEG Energy Corp., an oil sands company, focuses on sustainable in situ development and production in the southern Athabasca oil sands region of Alberta. The company owns a 100% interest in approximately 900 square miles of oil sands leases in the southern Athabasca oil sands region of northern Alberta.

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Analyst Recommendations for MEG Energy (TSE:MEG)

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