CIBC Issues Pessimistic Forecast for MEG Energy (TSE:MEG) Stock Price

MEG Energy (TSE:MEG) had its price objective cut by investment analysts at CIBC from C$32.00 to C$28.00 in a research report issued on Thursday,BayStreet.CA reports. CIBC’s price objective indicates a potential upside of 44.11% from the company’s previous close.

MEG has been the topic of several other reports. National Bankshares upped their price target on shares of MEG Energy from C$27.00 to C$28.00 and gave the company a “sector perform” rating in a research note on Thursday, January 30th. Scotiabank upgraded MEG Energy to a “strong-buy” rating in a report on Wednesday, March 19th. TD Securities reduced their price objective on shares of MEG Energy from C$33.00 to C$32.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Desjardins lowered shares of MEG Energy from a “buy” rating to a “hold” rating and dropped their price objective for the company from C$29.00 to C$26.50 in a report on Wednesday, March 19th. Finally, Royal Bank of Canada dropped their price objective on shares of MEG Energy from C$33.00 to C$31.00 in a research note on Tuesday, January 14th. Five investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of C$30.35.

MEG Energy Stock Performance

TSE:MEG traded down C$1.77 during mid-day trading on Thursday, hitting C$19.43. The stock had a trading volume of 887,654 shares, compared to its average volume of 2,728,785. The company has a debt-to-equity ratio of 22.80, a quick ratio of 1.17 and a current ratio of 1.55. The company’s 50 day simple moving average is C$23.13 and its 200 day simple moving average is C$24.34. MEG Energy has a twelve month low of C$17.00 and a twelve month high of C$33.35. The stock has a market cap of C$5.04 billion, a price-to-earnings ratio of 10.29, a PEG ratio of 0.17 and a beta of 2.89.

Insider Transactions at MEG Energy

In other news, Senior Officer Erik Alexander Alson sold 32,728 shares of the firm’s stock in a transaction dated Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total transaction of C$791,690.32. Also, Director Darlene Miriam Gates sold 91,584 shares of the business’s stock in a transaction that occurred on Saturday, March 15th. The shares were sold at an average price of C$24.19, for a total value of C$2,215,416.96. Insiders own 0.33% of the company’s stock.

About MEG Energy

MEG Energy is engaged in in situ oil sands development and production in Alberta, Canada. As of March 2021, the company reported estimated net proved and probable reserves of 2 billion barrels of oil equivalent. Net production averaged 82,000 barrels per day in 2020.