AltaCorp Captial Upgrades MEG Energy (MEG) to Hold


In a latest note to investors, a research analyst has provided a rating update for the MEG Energy (MEG). Analyst Nick Lupick from AltaCorp Captial rated MEG Energy (MEG) a Hold on January 18, setting a C$8 price target.

According to TipRanks.com, Lupick has 0 stars on 0-5 star ranking scale with an average return of -5.8% and a 41.0% success rate. Lupick covers the Basic Materials sector, focusing on stocks such as Athabasca Oil Corporation, Freehold Royalties Ltd, and PrairieSky Royalty Ltd.

The word on The Street in general, suggests a Hold analyst consensus rating for MEG Energy with a C$8.75 average price target, implying a 63.6% upside from current levels. In a report issued on January 18, GMP FirstEnergy also upgraded the stock to Hold with a C$6 price target.

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The company has a one-year high of C$11.70 and a one-year low of C$4.28. Currently, MEG Energy has an average volume of 2.39M.

MEG Energy Corp. engages in the development and production of situ oil sands. It focuses in southern Athabasca oil sands region of Alberta. It also develops enhanced oil recovery projects that utilize steam-assisted gravity drainage extraction methods, which consists of Christina Lake Project and the Surmont Project.

The company’s shares closed on Friday at C$5.35, close to its 52-week low of C$4.28.

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