The Materials sector company, MEG Energy (TSX: MEG), has received a rating update from a Wall Street analyst on October 1. Brian Bagnell, an analyst with Macquarie, has upgraded their rating on MEG to Buy on October 1 , with a C$12.50 price target.
According to TipRanks.com, Bagnell is ranked #4290 out of 4881 analysts.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for MEG Energy with a C$11.08 average price target, which is a 1.9% upside from current levels. In a report issued on September 20, RBC Capital also reiterated a Buy rating on the stock with a C$12 price target.
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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 Tuesday at C$10.87, close to its 52-week high of C$11.70.
