MEG Energy (TSE:MEG) Stock Price Down 6.6%

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.

MEG Energy (TSE:MEG) last released its quarterly earnings results on Monday, May 6th. The company reported C$0.02 EPS for the quarter, missing analysts’ consensus estimates of C$0.03 by C($0.01). The business had revenue of C$918.63 million during the quarter, compared to analysts’ expectations of C$684.74 million. Equities research analysts predict that MEG Energy Corp will post 0.1 earnings per share for the current year.

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.

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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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