MEG Energy Corp (TSE:MEG) shares were down 6.6% during mid-day trading on Friday . The company traded as low as C$4.77 and last traded at C$4.78. Approximately 964,296 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 2,849,433 shares. The stock had previously closed at C$5.12.
A number of equities analysts have issued reports on MEG shares. GMP Securities lowered their target price on MEG Energy from C$9.25 to C$8.50 in a report on Wednesday, May 8th. UBS Group lowered their target price on MEG Energy from C$8.70 to C$6.00 in a report on Tuesday, March 12th. Raymond James reaffirmed a “market perform” rating and issued a C$9.00 target price on shares of MEG Energy in a report on Friday, March 8th. CIBC upped their target price on MEG Energy from C$6.50 to C$7.50 in a report on Tuesday, April 23rd. Finally, Tudor Pickering & Holt reaffirmed a “hold” rating on shares of MEG Energy in a report on Friday, June 7th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. MEG Energy presently has a consensus rating of “Buy” and a consensus target price of C$8.21.
The company has a debt-to-equity ratio of 102.93, a current ratio of 1.33 and a quick ratio of 1.12. The firm has a market capitalization of $1.49 billion and a PE ratio of -4.85.
In other MEG Energy news, Senior Officer Grant Kenneth Donald Borbridge sold 9,927 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of C$4.34, for a total value of C$43,083.18. Following the sale, the insider now owns 31,972 shares in the company, valued at approximately C$138,758.48. Also, Director Robert Bruce Hodgins sold 7,033 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of C$4.34, for a total value of C$30,523.22. Following the completion of the sale, the director now owns 9,796 shares in the company, valued at approximately C$42,514.64.
MEG Energy Company Profile (TSE:MEG)
MEG Energy Corp., an oil sands company, focuses on sustainable in situ development and production in the southern Athabasca oil sands region of Alberta. The company owns a 100% interest in approximately 900 square miles of oil sands leases in the southern Athabasca oil sands region of northern Alberta.
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