The NA sector company, MEG Energy (TSX: MEG), has received a rating update from a Wall Street analyst on October 18. The company received a Hold on October 18 from Scotiabank’s analyst Jason Bouvier, with a C$12 price target.
According to TipRanks.com, Bouvier is a 1-star analyst with an average return of -1.4% and a 47.7% success rate. Bouvier covers the Basic Materials sector, focusing on stocks such as Athabasca Oil Corporation, Cenovus Energy Inc, and Husky Energy.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for MEG Energy with a C$11.64 average price target, implying a 6.6% upside from current levels. In a report issued on October 9, AltaCorp Captial also downgraded the stock to Hold with a C$12 price target.
.
MEG Energy’s market cap is currently C$3.24B and has a P/E ratio of 156. The company has a Price to Book ratio of 0.82.
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$10.92, close to its 52-week high of C$11.70.
