In a report released today, John Royall from J.P. Morgan maintained a Buy rating on MEG Energy (MEGEF – Research Report), with a price target of C$22.00. The company’s shares opened today at $14.72.
Royall covers the Utilities sector, focusing on stocks such as Exxon Mobil, Suncor Energy, and Canadian Natural. According to TipRanks, Royall has an average return of 7.1% and a 67.86% success rate on recommended stocks.
In addition to J.P. Morgan, MEG Energy also received a Buy from Raymond James’s George Huang in a report issued on January 16. However, on January 17, Scotiabank maintained a Hold rating on MEG Energy (Other OTC: MEGEF).
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MEGEF market cap is currently $4.45B and has a P/E ratio of 6.22.
Based on the recent corporate insider activity of 47 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MEGEF in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
MEG Energy Corp. is oil sands company, which engages in the development and production of in situ. It also operates oil recovery projects which utilize steam-assisted gravity drainage including Christina Lake, Summont, and May River Regional Project. It offers Steam-Assisted Gravity Drainage, eMSAGP, Cogeneration, and HI-Q Field Pilot technology. The company was founded by William J. McCaffrey, Steve Turner, and David J. Wizinsky on March 9, 1999 and is headquartered in Calgary, Canada.
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