MEG Energy (TSX: MEG), the Materials sector company, has received a rating update from a Wall Street analyst today. Analyst Menno Hulshof from TD Securities reiterated a Hold rating, with a C$11 price target.
According to TipRanks.com, Hulshof has 0 stars on 0-5 star ranking scale with an average return of -5.0% and a 39.3% success rate. Hulshof covers the Basic Materials sector, focusing on stocks such as Centennial Resource Development Inc, Continental Resources, and Range Resources Corp.
MEG Energy has an analyst consensus of Moderate Buy, with a price target consensus of C$10.80, which is a -2.4% downside from current levels. In a report issued on September 27, Scotiabank also reiterated a Hold rating on the stock with a C$9.50 price target.
.
Based on MEG Energy’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of C$179 million. In comparison, last year the company had a net profit of C$83.89 million.
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 Monday at C$11.07, close to its 52-week high of C$11.51.
