MEG Energy (TSX: MEG), the Materials sector company, has received a rating update from a Wall Street analyst today. The company received a Hold rating from TD Securities’ analyst Menno Hulshof, with a C$9.50 price target.
According to TipRanks.com, Hulshof has currently no stars on a ranking scale of 0-5 stars, with an average return of -3.5% and a 47.9% success rate. Hulshof covers the Basic Materials sector, focusing on stocks such as Centennial Resource Development Inc, Continental Resources, and Range Resources Corp.
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Currently, the analyst consensus on MEG Energy is a Moderate Buy with an average price target of C$11.11, a 27.7% upside from current levels. In a report issued on July 26, Desjardins also reiterated a Hold rating on the stock with a C$10 price target.
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Based on MEG Energy’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of C$141 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$8.70.
