MEG Energy Corp (TSE:MEG) was downgraded by stock analysts at National Bank Financial from a “sector perform” rating to an “underperform” rating in a report released on Monday, Marketbeat.com reports. They presently have a C$6.00 price objective on the stock, down from their previous price objective of C$12.00. National Bank Financial’s price objective suggests a potential downside of 7.12% from the stock’s current price.
Shares of MEG Energy Corp (TSE:MEG) traded down 4.87% during trading on Monday, reaching $6.45. 1,379,442 shares of the company’s stock traded hands. MEG Energy Corp has a 52-week low of $6.19 and a 52-week high of $25.20. The company’s 50-day moving average is $9.09 and its 200 day moving average is $11.73. The company’s market cap is $1.45 billion.
Other equities analysts have also issued reports about the stock. Raymond James cut their price objective on shares of MEG Energy Corp from C$20.00 to C$17.50 in a research report on Friday, October 16th. Scotiabank cut their price objective on shares of MEG Energy Corp from C$25.00 to C$20.00 in a research report on Tuesday, September 29th. TD Securities cut their price objective on shares of MEG Energy Corp from C$19.00 to C$17.00 and set a “buy” rating for the company in a research report on Thursday, October 29th. RBC Capital started coverage on shares of MEG Energy Corp in a research report on Monday, January 4th. They issued an “outperform” rating and a C$12.00 price objective for the company. Finally, Barclays dropped their target price on shares of MEG Energy Corp from C$13.00 to C$11.00 and set an “overweight” rating for the company in a research report on Friday, September 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of C$16.38.
MEG Energy Corp. (TSE:MEG) is an oil sands company. The Company is focused on sustainable in situ oil sands development and production in the southern Athabasca oil sands region of Alberta, Canada. MEG is developing enhanced oil recovery projects that utilize steam?assisted gravity drainage (SAGD) extraction methods. The Company has two commercial SAGD projects: the Christina Lake Project and the Surmont Project. The Christina Lake Project is situated on 80 square miles of oil sands leases in the southern Athabasca oil sands region of Alberta. MEG owns a 100% working interest in the oil sands leases associated with the Christina Lake Project. The Surmont Project comprises 32 square miles of lands in the southern Athabasca oil sands region of Alberta. The Surmont Project is located approximately 50 miles south of Fort McMurray. MEG owns a 100% working interest in the oil sands leases associated with the Surmont Project. MEG also holds a 50% interest in the Access Pipeline.document.write(‘‘);