In a latest note to investors, a research analyst has provided a rating update for the Utilities sector company, MEG Energy (MEG). Today, analyst Chris MacCulloch gave a Buy rating to MEG and set a C$8 price target.
According to TipRanks.com, MacCulloch ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -32.7% and a 0.0% success rate. MacCulloch covers the Basic Materials sector, focusing on stocks such as Tamarack Valley Energy Ltd, Freehold Royalties Ltd, and NuVista Energy Ltd.
The word on The Street in general, suggests a Hold analyst consensus rating for MEG Energy with a C$8.44 average price target, representing a 59.8% upside. In a report issued on January 18, RBC Capital also upgraded the stock to Buy with a C$7.50 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 GAAP net loss of C$1.3 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$5.28, close to its 52-week low of C$4.28.
