CIBC Initiates Coverage on MEG Energy (OTCMKTS:MEGEF)

CIBC initiated coverage on shares of MEG Energy (OTCMKTS:MEGEF) in a report published on Monday morning, The Fly reports. The brokerage issued a neutral rating on the stock.

A number of other equities analysts have also recently commented on the stock. TD Securities boosted their price target on shares of MEG Energy from $3.75 to $4.50 and gave the stock a hold rating in a research note on Tuesday, July 28th. Credit Suisse Group reaffirmed a hold rating and issued a $4.25 price objective on shares of MEG Energy in a research note on Monday, August 10th. BMO Capital Markets upped their price objective on shares of MEG Energy from $4.00 to $4.50 and gave the company a market perform rating in a research note on Tuesday, July 28th. Raymond James upped their price objective on shares of MEG Energy from $5.00 to $6.00 and gave the company a market perform rating in a research note on Tuesday, July 28th. Finally, The Goldman Sachs Group reaffirmed a buy rating and issued a $4.00 price objective on shares of MEG Energy in a research note on Wednesday, October 7th. One analyst has rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $4.33.

MEGEF stock opened at $1.71 on Monday. MEG Energy has a one year low of $0.82 and a one year high of $6.14. The firm has a 50 day simple moving average of $2.05 and a two-hundred day simple moving average of $2.44.

About MEG Energy

MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production in the southern Athabasca region of Alberta, Canada. The company owns a 100% interest in approximately 750 square miles of mineral leases. It is developing oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the recovery of oil, as well as lower carbon emissions.

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Analyst Recommendations for MEG Energy (OTCMKTS:MEGEF)

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