MEG Energy (MEG) Receives a Hold from Desjardins


In a latest note to investors, a research analyst has provided a rating update for the Materials sector company, MEG Energy (TSX: MEG). Today, analyst Justin Bouchard gave a Hold rating to MEG and set a C$11 price target.

According to TipRanks.com, Bouchard is ranked #4415 out of 4886 analysts.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for MEG Energy with a C$10.40 average price target, implying a -6.1% downside from current levels. In a report issued on September 26, TD Securities also reiterated a Hold rating on the stock with a C$9 price target.

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The company has a one-year high of C$11.51 and a one-year low of C$4.28. Currently, MEG Energy has an average volume of 2.07M.

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$11.08, close to its 52-week high of C$11.51.

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