MEG Energy (MEG), the Utilities sector company, has received a rating update from a Wall Street analyst on January 23. Analyst Michael Dunn from GMP FirstEnergy remains neutral on the stock and has a C$6 price target.
According to TipRanks.com, Dunn ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -14.9% and a 23.7% 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$8.56 average price target, representing a 59.4% upside. In a report issued on January 18, AltaCorp Captial also upgraded the stock to Hold with a C$9 price target.
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MEG Energy’s market cap is currently C$1.64B and has a P/E ratio of 30.7. The company has a Price to Book ratio of 0.40.
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$5.37, close to its 52-week low of C$4.28.
