MEG Energy Corp (MEG) Stock Price Down 3.5%

MEG Energy Corp (TSE:MEG) dropped 3.5% during trading on Thursday . The stock traded as low as C$5.18 and last traded at C$5.24. Approximately 532,091 shares changed hands during trading, a decline of 50% from the average daily volume of 1,066,970 shares. The stock had previously closed at C$5.43.

MEG has been the subject of several research reports. CIBC reduced their price target on shares of MEG Energy Corp from C$8.00 to C$4.50 in a research report on Thursday, July 20th. TD Securities upped their price target on shares of MEG Energy Corp from C$5.50 to C$6.00 and gave the company a “hold” rating in a research report on Friday, July 28th. GMP Securities lowered shares of MEG Energy Corp from a “buy” rating to a “hold” rating and reduced their price target for the company from C$8.50 to C$4.00 in a research report on Wednesday, June 28th. Finally, National Bank Financial reaffirmed a “sector perform” rating and set a C$4.75 price target on shares of MEG Energy Corp in a research report on Tuesday, June 27th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of C$7.23.

The stock’s market capitalization is $1.53 billion. The stock has a 50 day moving average of $5.20 and a 200-day moving average of $5.21.

MEG Energy Corp (TSE:MEG) last announced its quarterly earnings results on Thursday, July 27th. The company reported C($0.12) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of C($0.17) by C$0.05. MEG Energy Corp had a return on equity of 10.88% and a net margin of 18.17%. The company had revenue of C$574.03 million during the quarter. On average, equities research analysts predict that MEG Energy Corp will post ($0.64) earnings per share for the current fiscal year.

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About MEG Energy Corp

MEG Energy Corp (MEG) is a Canada-based oil sands company. It is focused on sustainable in situ oil sands development and production in the southern Athabasca oil sands region of Alberta, Canada. MEG is engaged in developing enhanced oil recovery projects that utilize steam-assisted gravity drainage (SAGD) extraction methods.

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