The Utilities sector company, MEG Energy (MEG), has received a rating update from a Wall Street analyst on January 15. Analyst Chris MacCulloch from Desjardins rated MEG Energy (MEG) a Hold on January 15, setting a C$10.50 price target.
According to TipRanks.com, MacCulloch ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -33.2% and a 0.0% success rate. MacCulloch covers the Basic Materials sector, focusing on stocks such as Tamarack Valley Energy Ltd, Freehold Royalties Ltd, and NuVista Energy Ltd.
Currently, the analyst consensus on MEG Energy is a Hold with an average price target of C$9.07, implying a 69.5% 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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Based on MEG Energy’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of C$118 million. In comparison, last year the company had a GAAP net loss of C$1.3 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 Friday at C$5.35, close to its 52-week low of C$4.28.
