The Materials sector company, MEG Energy (TSX: MEG), has received a rating update from a Wall Street analyst on October 9. AltaCorp Captial’s analyst Nick Lupick downgraded MEG to Hold on October 9 , with a C$12 price target.
According to TipRanks.com, Lupick is a 4-star analyst with an average return of 4.5% and a 53.2% success rate. Lupick covers the Basic Materials sector, focusing on stocks such as Athabasca Oil Corporation, BlackPearl Resources Inc, and Freehold Royalties Ltd.
Currently, the analyst consensus on MEG Energy is a Moderate Buy with an average price target of C$11.58, which is an 8.9% upside 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.
MEG Energy’s market cap is currently C$3.18B and has a P/E ratio of 153.1. The company has a Price to Book ratio of 0.80.
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 Thursday at C$10.63, close to its 52-week high of C$11.70.