Does MEG Energy Corp Have Any Gas After Today’s Gap Up?

 Does MEG Energy Corp Have Any Gas After Today's Gap Up?

The stock of MEG Energy Corp (TSE:MEG) gapped up by $0.11 today and has $9.32 target or 47.00% above today’s $6.34 share price. The 8 months technical chart setup indicates low risk for the $1.51B company. The gap was reported on Nov, 21 by If the $9.32 price target is reached, the company will be worth $709.70M 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 1.56 million shares traded hands. MEG Energy Corp (TSE:MEG) has declined 8.35% since April 15, 2016 and is downtrending. It has underperformed by 12.21% 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 40.22% above today’s ($6.34) stock price. Meg Energy Corp. has been the topic of 25 analyst reports since July 29, 2015 according to StockzIntelligence Inc. The firm has “Outperform” rating given on Friday, February 5 by RBC Capital Markets. On Friday, July 29 the stock rating was maintained by Scotia Capital with “Outperform”. Scotia Capital maintained MEG Energy Corp (TSE:MEG) on Friday, October 28 with “Outperform” rating. The stock of MEG Energy Corp (TSE:MEG) earned “Outperform” rating by RBC Capital Markets on Friday, April 29. The stock has “” rating given by Raymond James on Monday, June 6. The rating was maintained by TD Securities with “Speculative Buy” on Friday, July 15. The firm earned “Speculative Buy” rating on Friday, October 28 by TD Securities. RBC Capital Markets maintained the shares of MEG in a report on Wednesday, June 8 with “Outperform” rating. Desjardins Securities maintained the stock with “” rating in Tuesday, June 28 report.

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: “Why I Chose MEG Energy Over Encana” on March 22, 2016. More interesting news about MEG Energy Corp (TSE:MEG) were released by: and their article: “Moody’s downgrades MEG’s CFR to Caa2; outlook negative” published on February 03, 2016 as well as‘s news article titled: “Moody’s downgrades MEG’s CFR to B1; outlook stable” with publication date: October 01, 2015.

Meg Energy Corp is a Canada-based oil sands company. The company has a market cap of $1.51 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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