RBC Capital Reaffirms Their Buy Rating on MEG Energy (MEG)


MEG Energy (TSX: MEG), the Materials sector company, has received a rating update from a Wall Street analyst yesterday. Analyst Gregory Pardy from RBC Capital rated MEG Energy (TSX: MEG) a Buy, setting a C$12 price target.

According to TipRanks.com, Pardy is ranked #1432 out of 4879 analysts.

Currently, the analyst consensus on MEG Energy is a Moderate Buy with an average price target of C$10.42, which is a 37.8% upside from current levels. In a report issued on September 5, AltaCorp Captial also reiterated a Buy rating on the stock with a C$9 price target.

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Based on MEG Energy’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of C$179 million. In comparison, last year the company had a net profit of C$104 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 Friday at C$7.56.

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