MEG Energy Corp Stock Price Gaps Up Today; Buyers Are Thriving

 MEG Energy Corp Stock Price Gaps Up Today; Buyers Are Thriving

The stock of MEG Energy Corp (TSE:MEG) gapped up by $0.1 today and has $8.56 target or 6.00% above today’s $8.08 share price. The 5 months technical chart setup indicates low risk for the $2.11 billion company. The gap was reported on Dec, 1 by Barchart.com. If the $8.56 price target is reached, the company will be worth $126.60M 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 6.08M shares traded hands or 277.64% up from the average. MEG Energy Corp (TSE:MEG) has declined 0.44% since April 27, 2016 and is downtrending. It has underperformed by 6.37% 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 25 analyst reports since July 29, 2015 according to StockzIntelligence Inc. The rating was maintained by RBC Capital Markets with “Outperform” on Wednesday, June 8. The firm has “” rating given on Monday, June 6 by Raymond James. The stock has “Outperform” rating given by RBC Capital Markets on Friday, February 5. As per Friday, October 28, the company rating was maintained by TD Securities. As per Friday, July 15, the company rating was maintained by TD Securities. On Friday, October 28 the stock rating was maintained by Scotia Capital with “Outperform”. The stock of MEG Energy Corp (TSE:MEG) earned “” rating by Desjardins Securities on Tuesday, June 28. The stock has “Outperform” rating given by Scotia Capital on Friday, July 29. The stock has “Outperform” rating given by RBC Capital Markets on Friday, April 29.

More 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 published the news titled: “Why I Chose MEG Energy Over Encana” on March 22, 2016. Moodys.com‘s news article titled: “Moody’s downgrades MEG’s CFR to Caa2; outlook negative” with publication date: February 03, 2016 was also an interesting one.

Meg Energy Corp is a Canada-based oil sands company. The company has a market cap of $2.11 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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