MEG Energy (MEG) has received a rating update from a Wall Street analyst today. Analyst Michael Dunn from GMP FirstEnergy rated MEG Energy (MEG) a Hold, setting a C$6 price target.
According to TipRanks.com, Dunn is ranked 0 out of 5 stars with an average return of -13.2% and a 30.1% success rate. Dunn covers the Basic Materials sector, focusing on stocks such as Paramount Resources Ltd, PrairieSky Royalty Ltd, and Crescent Point Energy.
The word on The Street in general, suggests a Hold analyst consensus rating for MEG Energy with a C$9.07 average price target, implying a 71.5% upside from current levels. In a report issued on January 7, RBC Capital also downgraded the stock to Hold with a C$8.15 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$5.29, close to its 52-week low of C$4.28.
