The stock of MEG Energy Corp (TSE:MEG) gapped up by $0.39 today and has $6.74 target or 5.00% above today’s $6.42 share price. The 9 months technical chart setup indicates low risk for the $1.43 billion company. The gap was reported on Nov, 30 by Barchart.com. If the $6.74 price target is reached, the company will be worth $71.50 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 1.23 million shares traded hands. MEG Energy Corp (TSE:MEG) has declined 11.54% since April 26, 2016 and is downtrending. It has underperformed by 16.77% 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 38.47% above today’s ($6.42) stock price. Meg Energy Corp. has been the topic of 25 analyst reports since July 29, 2015 according to StockzIntelligence Inc. Scotia Capital maintained MEG Energy Corp (TSE:MEG) on Friday, October 28 with “Outperform” rating. As per Friday, July 15, the company rating was maintained by TD Securities. The stock of MEG Energy Corp (TSE:MEG) earned “Outperform” rating by RBC Capital Markets on Friday, April 29. The firm earned “Outperform” rating on Friday, July 29 by Scotia Capital. As per Friday, October 28, the company rating was maintained by TD Securities. Desjardins Securities maintained it with “” rating and $8 target price in Tuesday, June 28 report. The company was maintained on Friday, February 5 by RBC Capital Markets. The stock of MEG Energy Corp (TSE:MEG) earned “Outperform” rating by RBC Capital Markets on Wednesday, June 8. The company was maintained on Monday, June 6 by Raymond James.
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 $1.43 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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