Analysis: Meg Energy Corp (TSE:MEG) Stock Target Increased Today
In recent note revealed to investors and clients by Scotia Capital on Monday morning, the firm, Meg Energy Corp (TSE:MEG), had their Estimated Target Price cut to $19.00. Analusts currently have a solid Outperform rating on the stock.
From a total of 14 analysts covering Meg Energy Corp. (TSE:MEG) stock, 8 rate it a ”Buy”, 0 a “Sell”, and 6 a ”Hold”. This means that 57% of the ratings are positive. The highest target price is $14.97 while the lowest target price is $8.23. The mean of all analyst targets is $11.79 with a 94.05% above today’s ($9.07) stock price. Meg Energy Corp. was the topic of 10 analyst reports since July 29, 2015 according to the firm StockzIntelligence Inc.
Approximately 969,274 shares of stock traded hands or 1.70% up from the average. MEG Energy Corp (TSE:MEG) has declined 55.68% since May 4, 2015 and is downtrending. It has underperformed by 54.61% the S&P500.
The overall sentiment of institutions has increased to 1.15 in Q2 2015. Its up 0.02, from 1.13 in 2015Q2. The ratio improved, as 24 institutions have sold all the shares of MEG Energy Corp that they owned while 37 funds have taken shares off the table. 27 funds have purchased shares for the first time while 43 added to their positions. These institutions now hold 123.89 million shares or 4.21% less than the 129.33 million shares they owned in 2015Q2.
The Fund Standard General L.P. currently is holding shares equating to 89.09% of its total portfolio in MEG Energy Corp representing a total of 18.88 million shares. Another fund,Muse John R, is holding a total of 11.45 million shares equating to 86.4% of their holdings. Additionally, Simcoe Capital Management Llc has a 629,725 share stake in MEG Energy Corp which represents 5.82% of their total portfolio. The Fund, Schooner Capital Corp, based out of Massachusetts, has also built up a stake in the stock, which represents a total of 3.54% of their total portfolio. Finally Act Ii Management Lp, a fund which is based in the state of New York reported a total holdings of 347,790 shares.
MEG Energy Corp. is an oil sands company. The company has a market cap of $2.04 billion. The Firm is focused on sustainable in situ oil sands development and production in the southern Athabasca oil sands region of Alberta, Canada. It currently has negative earnings. MEG is developing enhanced oil recovery projects that utilize steam‐assisted gravity drainage (SAGD) extraction methods.
According to Zacks Investment Research, “Media General, Inc. operates as a television broadcasting and digital media company. The Company offers consumers and advertisers with entertainment and information, content and distribution on every screen. It has the diverse digital media business with a portfolio that includes LIN Digital, LIN Mobile, HYFN, Dedicated Media, Federated Media and BiteSizeTV. The company’s broadcast operations include network-affiliated television stations and their associated digital and mobile media services. Media General, Inc. is headquartered in Richmond, Virginia.” Get a free copy of the Zacks research report on MEG Energy Corp (MEG).