Wall Street analyst has provided a review today, and retained the same rating on the stock. Analyst Jason Bouvier from Scotiabank remains neutral on MEG Energy (MEG) and has a C$8.50 price target.
According to TipRanks.com, Bouvier is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -5.9% and a 40.0% success rate. Bouvier covers the Basic Materials sector, focusing on stocks such as Athabasca Oil Corporation, Cenovus Energy Inc, and Husky Energy.
Currently, the analyst consensus on MEG Energy is a Hold with an average price target of C$11.39, representing a 43.3% upside. In a report issued on December 12, Raymond James also reiterated a Hold rating on the stock with a C$11.50 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 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 Wednesday at C$7.95.
