What’s Propelling MEG Energy Corp to Increase So Much? The Stock Gaps Up Today

 What's Propelling MEG Energy Corp to Increase So Much? The Stock Gaps Up Today

The stock of MEG Energy Corp (TSE:MEG) gapped up by $0.1 today and has $8.47 target or 8.00% above today’s $7.84 share price. The 6 months technical chart setup indicates low risk for the $2.04 billion company. The gap was reported on Dec, 1 by Barchart.com. If the $8.47 price target is reached, the company will be worth $163.20 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 3.08M shares traded hands or 91.30% 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. $23 is the highest target while $5 is the lowest. The $8.89 average target is 13.39% above today’s ($7.84) stock price. Meg Energy Corp. has been the topic of 25 analyst reports since July 29, 2015 according to StockzIntelligence Inc. On Friday, July 15 the stock rating was maintained by TD Securities with “Speculative Buy”. As per Tuesday, June 28, the company rating was maintained by Desjardins Securities. The firm earned “Outperform” rating on Friday, July 29 by Scotia Capital. TD Securities maintained it with “Speculative Buy” rating and $9 target price in Friday, October 28 report. The firm has “Outperform” rating by RBC Capital Markets given on Wednesday, June 8. The company was maintained on Friday, April 29 by RBC Capital Markets. RBC Capital Markets maintained the stock with “Outperform” rating in Friday, February 5 report. Scotia Capital maintained the shares of MEG in a report on Friday, October 28 with “Outperform” rating. The rating was maintained by Raymond James with “” on Monday, June 6.

More important 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 article titled: “Why I Chose MEG Energy Over Encana”, 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) was released by: Business.Financialpost.com and their article: “MEG Energy Corp shares surge as investors position seek out potential takeover …” with publication date: October 05, 2015.

Meg Energy Corp is a Canada-based oil sands company. The company has a market cap of $2.04 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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