Is MEG Energy Corp’s Fuel Running High? The Stock Just Gapped Up

 Is MEG Energy Corp's Fuel Running High? The Stock Just Gapped Up

The stock of MEG Energy Corp (TSE:MEG) gapped up by $0.05 today and has $7.40 target or 23.00% above today’s $6.02 share price. The 7 months technical chart setup indicates low risk for the $1.40B company. The gap was reported on Nov, 15 by If the $7.40 price target is reached, the company will be worth $322.00 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 1.05M shares traded hands. MEG Energy Corp (TSE:MEG) has declined 19.07% since April 11, 2016 and is downtrending. It has underperformed by 23.00% 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. $23 is the highest target while $5 is the lowest. The $8.89 average target is 47.67% above today’s ($6.02) stock price. Meg Energy Corp. has been the topic of 25 analyst reports since July 29, 2015 according to StockzIntelligence Inc. The stock has “Speculative Buy” rating given by TD Securities on Friday, July 15. The stock has “Outperform” rating given by RBC Capital Markets on Wednesday, June 8. Scotia Capital maintained MEG Energy Corp (TSE:MEG) rating on Friday, October 28. Scotia Capital has “Outperform” rating and $10 price target. The stock of MEG Energy Corp (TSE:MEG) earned “Outperform” rating by Scotia Capital on Friday, July 29. The firm has “Outperform” rating by RBC Capital Markets given on Friday, April 29. The rating was maintained by RBC Capital Markets on Friday, February 5 with “Outperform”. The company was maintained on Monday, June 6 by Raymond James. Desjardins Securities maintained the shares of MEG in a report on Tuesday, June 28 with “” rating. TD Securities maintained MEG Energy Corp (TSE:MEG) on Friday, October 28 with “Speculative Buy” rating.

More notable recent MEG Energy Corp (TSE:MEG) news were published by: which released: “Is MEG Energy Corp. a Bargain at Less Than $7 Per Share?” on January 11, 2016, also with their article: “Can MEG Energy Corp. Survive?” published on April 25, 2016, published: “MEG Energy Corp shares surge as investors position seek out potential takeover …” on October 05, 2015. More interesting news about MEG Energy Corp (TSE:MEG) were released by: and their article: “MEG Energy Corp posts big loss and cuts its capital budget” published on October 28, 2015 as well as‘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 $1.40 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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