Analyst Rating Update on This Canadian Energy Company

In a report released yesterday, Benny Wong from Morgan Stanley maintained a Sell rating on MEG Energy (MEGEFResearch Report), with a price target of C$4.50. The company’s shares closed last Wednesday at $2.72.

According to, Wong is ranked 0 out of 5 stars with an average return of -12.6% and a 35.0% success rate. Wong covers the Utilities sector, focusing on stocks such as Marathon Petroleum, Delek US Holdings, and Canadian Natural.

MEG Energy has an analyst consensus of Moderate Buy, with a price target consensus of $2.71.

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Based on MEG Energy’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $671 million and GAAP net loss of $284 million. In comparison, last year the company earned revenue of $922 million and had a GAAP net loss of $48 million.

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.