Analyst Provides Guidance for This Canadian Energy Stock

In a report released today, Manav Gupta from Credit Suisse maintained a Hold rating on MEG Energy (MEGEFResearch Report), with a price target of C$4.25. The company’s shares closed last Friday at $2.66.

According to, Gupta is currently ranked with 0 stars on a 0-5 stars ranking scale, with an average return of -14.3% and a 34.0% success rate. Gupta covers the Utilities sector, focusing on stocks such as Par Pacific Holdings, Paramount Resources, and Marathon Petroleum.

The word on The Street in general, suggests a Hold analyst consensus rating for MEG Energy with a $2.78 average price target, implying a 4.7% upside from current levels. In a report issued on July 2, Scotiabank also maintained a Hold rating on the stock with a C$4.00 price target.

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The company has a one-year high of $6.14 and a one-year low of $0.82. Currently, MEG Energy has an average volume of 58.37K.

Based on the recent corporate insider activity of 25 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.

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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.