Raymond James Maintains a Hold Rating on MEG Energy (MEGEF)

By Jason Carr

Raymond James analyst Chris Cox maintained a Hold rating on MEG Energy (MEGEFResearch Report) yesterday and set a price target of C$2.50. The company’s shares closed last Monday at $1.03, close to its 52-week low of $0.86.

According to TipRanks.com, Cox is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -9.6% and a 39.7% success rate. Cox covers the Basic Materials sector, focusing on stocks such as Crescent Point Energy, Paramount Resources, and Freehold Royalties.

Currently, the analyst consensus on MEG Energy is a Hold with an average price target of $4.31, representing a 302.8% upside. In a report released yesterday, Tudor Pickering also downgraded the stock to Hold.

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The company has a one-year high of $6.14 and a one-year low of $0.86. Currently, MEG Energy has an average volume of 32.97K.

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MEG Energy Corp. is oil sands company, which engages in the development and production of in situ. It also operates oil recovery projects which utilize steam-assisted gravity drainage including Christina Lake, Summont, and May River Regional Project. It offers Steam-Assisted Gravity Drainage, eMSAGP, Cogeneration, and HI-Q Field Pilot technology. The company was founded by William J. McCaffrey, Steve Turner, and David J. Wizinsky on March 9, 1999 and is headquartered in Calgary, Canada.