In a report released yesterday, Manav Gupta from Credit Suisse maintained a Hold rating on MEG Energy (MEGEF), with a price target of C$3.50. The company’s shares closed last Tuesday at $2.20.
According to TipRanks.com, Gupta is currently ranked with 0 stars on a 0-5 stars ranking scale, with an average return of -10.7% and a 45.2% success rate. Gupta covers the Utilities sector, focusing on stocks such as Paramount Resources, Marathon Petroleum, and Delek US Holdings.
The word on The Street in general, suggests a Hold analyst consensus rating for MEG Energy with a $3.23 average price target, representing a 48.2% upside. In a report issued on May 5, Stifel Nicolaus also maintained a Hold rating on the stock with a C$2.50 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 revenue of $671 million and GAAP net loss of $284 million. In comparison, last year the company earned revenue of $922 million and had a GAAP net loss of $48 million.
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MEG Energy Corp. is oil sands company, which engages in the development and production of in situ. It also operates oil recovery projects which utilize steam-assisted gravity drainage including Christina Lake, Summont, and May River Regional Project. It offers Steam-Assisted Gravity Drainage, eMSAGP, Cogeneration, and HI-Q Field Pilot technology. The company was founded by William J. McCaffrey, Steve Turner, and David J. Wizinsky on March 9, 1999 and is headquartered in Calgary, Canada.
