CIBC Lowers MEG Energy (MEG) Price Target to C$6.50

MEG Energy (TSE:MEG) had its price target dropped by CIBC from C$8.30 to C$6.50 in a research note issued on Friday. CIBC’s target price indicates a potential upside of 21.50% from the company’s previous close.

A number of other equities research analysts have also weighed in on MEG. AltaCorp Capital reissued an “underperform” rating on shares of MEG Energy in a report on Thursday. Royal Bank of Canada raised shares of MEG Energy from a “sector perform” rating to an “outperform” rating and dropped their price objective for the company from C$8.15 to C$7.50 in a report on Friday. National Bank Financial reissued a “sector perform spec overwgt” rating on shares of MEG Energy in a report on Tuesday, October 9th. GMP Securities dropped their price objective on shares of MEG Energy from C$12.50 to C$9.05 in a report on Thursday, December 13th. Finally, TD Securities boosted their price objective on shares of MEG Energy from C$11.00 to C$12.00 and gave the company a “hold” rating in a report on Friday, October 19th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company’s stock. MEG Energy currently has a consensus rating of “Hold” and an average price target of C$9.20.

Shares of MEG opened at C$5.35 on Friday. The company has a debt-to-equity ratio of 87.50, a current ratio of 1.56 and a quick ratio of 1.35. MEG Energy has a 1-year low of C$4.28 and a 1-year high of C$11.70.

MEG Energy (TSE:MEG) last announced its quarterly earnings data on Thursday, November 1st. The company reported C($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of C($0.08) by C$0.02. The company had revenue of C$787.38 million for the quarter, compared to analysts’ expectations of C$818.91 million. As a group, equities analysts expect that MEG Energy will post 0.129999997327103 earnings per share for the current fiscal 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, as well as primarily engages in a steam-assisted gravity drainage oil sands development at its Christina Lake project.

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Analyst Recommendations for MEG Energy (TSE:MEG)

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