What Will Happen to MEG Energy Corp Next? The Stock Just Gapped Up

 What Will Happen to MEG Energy Corp Next? The Stock Just Gapped Up

The stock of MEG Energy Corp (TSE:MEG) gapped up by $0.05 today and has $8.96 target or 46.00% above today’s $6.14 share price. The 6 months technical chart setup indicates low risk for the $1.41B company. The gap was reported on Oct, 19 by Barchart.com. If the $8.96 price target is reached, the company will be worth $648.60 million more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 2.00M shares traded hands. MEG Energy Corp (TSE:MEG) has declined 11.76% since March 14, 2016 and is downtrending. It has underperformed by 17.30% the S&P500.

MEG Energy Corp (TSE:MEG) Ratings Coverage

Out of 5 analysts covering Meg Energy Corp. (TSE:MEG), 3 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 60% are positive. Meg Energy Corp. has been the topic of 22 analyst reports since July 29, 2015 according to StockzIntelligence Inc. The firm earned “” rating on Tuesday, June 28 by Desjardins Securities. The company was maintained on Friday, February 5 by RBC Capital Markets. As per Friday, April 29, the company rating was maintained by RBC Capital Markets. Raymond James maintained MEG Energy Corp (TSE:MEG) rating on Monday, June 6. Raymond James has “” rating and $10 price target. The stock has “Speculative Buy” rating given by TD Securities on Friday, July 15. The firm earned “Outperform” rating on Friday, July 29 by Scotia Capital. RBC Capital Markets maintained it with “Outperform” rating and $11 target price in Wednesday, June 8 report.

More notable recent MEG Energy Corp (TSE:MEG) news were published by: Fool.ca which released: “Is MEG Energy Corp. a Bargain at Less Than $7 Per Share?” on January 11, 2016, also Moodys.com with their article: “Moody’s downgrades MEG’s CFR to B1; outlook stable” published on October 01, 2015, Fool.ca published: “Can MEG Energy Corp. Survive?” on April 25, 2016. More interesting news about MEG Energy Corp (TSE:MEG) were released by: Business.Financialpost.com and their article: “MEG Energy Corp shares surge as investors position seek out potential takeover …” published on October 05, 2015 as well as Seekingalpha.com‘s news article titled: “Why I Chose MEG Energy Over Encana” with publication date: March 22, 2016.

Meg Energy Corp is a Canada-based oil sands company. The company has a market cap of $1.41 billion. It 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 engaged in developing enhanced oil recovery projects that utilize steam-assisted gravity drainage (SAGD) extraction methods.

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