BMO Capital Believes MEG Energy (Other OTC: MEGEF) Won’t Stop Here

In a report released today, Randy Ollenberger from BMO Capital maintained a Buy rating on MEG Energy (MEGEFResearch Report), with a price target of $10.00. The company’s shares closed last Tuesday at $5.75, close to its 52-week high of $6.44.

According to, Ollenberger is a 2-star analyst with an average return of 0.8% and a 50.0% success rate. Ollenberger covers the Utilities sector, focusing on stocks such as Advantage Oil & Gas, Canadian Natural, and ARC Resources.

Currently, the analyst consensus on MEG Energy is a Moderate Buy with an average price target of $7.44.

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Based on MEG Energy’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $788 million and net profit of $16 million. In comparison, last year the company earned revenue of $1 billion and had a net profit of $25 million.

Based on the recent corporate insider activity of 34 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling 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.