MEG Energy Corp. (TSE:MEG – Get Free Report) passed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of C$29.76 and traded as low as C$28.99. MEG Energy shares last traded at C$29.27, with a volume of 813,314 shares changing hands.
Wall Street Analyst Weigh In
Several research firms recently issued reports on MEG. Desjardins upped their target price on MEG Energy from C$30.00 to C$31.00 and gave the company a “hold” rating in a research report on Friday, March 22nd. Raymond James set a C$28.00 price target on shares of MEG Energy and gave the company a “market perform” rating in a report on Wednesday, May 29th. Royal Bank of Canada upped their price target on shares of MEG Energy from C$32.00 to C$39.00 in a report on Tuesday, April 9th. TD Securities raised shares of MEG Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, June 7th. Finally, BMO Capital Markets raised their target price on MEG Energy from C$35.00 to C$37.00 in a research report on Thursday, March 28th. Seven analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, MEG Energy currently has a consensus rating of “Hold” and a consensus price target of C$32.67.
Read Our Latest Stock Report on MEG
MEG Energy Trading Down 0.7 %
MEG Energy (TSE:MEG – Get Free Report) last announced its earnings results on Monday, May 6th. The company reported C$0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C$0.45 by C($0.09). The firm had revenue of C$1.36 billion during the quarter, compared to analysts’ expectations of C$1.25 billion. MEG Energy had a net margin of 10.58% and a return on equity of 13.20%. On average, sell-side analysts forecast that MEG Energy Corp. will post 2.4508333 EPS for the current fiscal year.
MEG Energy Company Profile
MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production in its Christina Lake Project in the southern Athabasca oil region of Alberta, Canada. The company develops 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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