The stock of MEG Energy Corp (TSE:MEG) gapped down by $0.15 today and has $5.55 target or 4.00% below today’s $5.78 share price. The 7 months technical chart setup indicates high risk for the $1.28B company. The gap down was reported on Nov, 29 by Barchart.com. If the $5.55 price target is reached, the company will be worth $51.20M less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 396,033 shares traded hands. MEG Energy Corp (TSE:MEG) has declined 11.62% since April 25, 2016 and is downtrending. It has underperformed by 16.88% 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 53.81% above today’s ($5.78) stock price. Meg Energy Corp. has been the topic of 25 analyst reports since July 29, 2015 according to StockzIntelligence Inc. On Friday, October 28 the stock rating was maintained by Scotia Capital with “Outperform”. The firm earned “Outperform” rating on Friday, April 29 by RBC Capital Markets. Scotia Capital maintained the shares of MEG in a report on Friday, July 29 with “Outperform” rating. The stock of MEG Energy Corp (TSE:MEG) earned “” rating by Raymond James on Monday, June 6. On Friday, October 28 the stock rating was maintained by TD Securities with “Speculative Buy”. The company was maintained on Tuesday, June 28 by Desjardins Securities. The firm has “Outperform” rating by RBC Capital Markets given on Wednesday, June 8. The firm earned “Speculative Buy” rating on Friday, July 15 by TD Securities. The company was maintained on Friday, February 5 by RBC Capital Markets.
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 Seekingalpha.com with their article: “Why I Chose MEG Energy Over Encana” published on March 22, 2016, Moodys.com published: “Moody’s downgrades MEG’s CFR to Caa2; outlook negative” on February 03, 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 Fool.ca‘s news article titled: “Can MEG Energy Corp. Survive?” with publication date: April 25, 2016.
Meg Energy Corp is a Canada-based oil sands company. The company has a market cap of $1.28 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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