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MEG Energy (OTC:MEGEF) Stock, Option Chain

MEG Energy

MEG Energy Corp is an energy company focused on sustainable in situ thermal oil production at its Christina Lake Project in the southern Athabasca oil region of Alberta, Canada. MEG transports and sells thermal oil (known as Access Western Blend or AWB) to customers throughout North America and internationally.

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MEGEF

TSX:MEG

MEG Energy Corp. (TSX: MEG) (OTC: MEGEF) has 

MEG Energy Initiates Share Buyback Program

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Why MEG Energy Shares Are Trading Higher Today

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Barclays A Bear On Oil: Sees $37bbl At Most This Year

MEG Energy Corp

MEG Energy (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MEGEF#OTC">MEGEF</a>) reported quarterly earnings of $0.64 per share. This is a 64.1 percent increase over earnings of $0.39 per share from the same period last year. The company reported $1.07 billion in sales this quarter. This is a 10.96 percent decrease over sales of $1.20 billion the same period last year.

Earnings

MEG Energy Q3 EPS $0.64 Up From $0.39 YoY, Sales $1.07B Down From $1.20B YoY

MEG Energy (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MEGEF#OTC">MEGEF</a>) reported quarterly earnings of $0.35 per share. This is a 37.5 percent decrease over earnings of $0.56 per share from the same period last year. The company reported $961.04 million in sales this quarter. This is a 21.93 percent decrease over sales of $1.23 billion the same period last year.

MEG Energy Q2 EPS $0.35 Down From $0.56 YoY, Sales $961.04M Down From $1.23B YoY

National Bank Financial Inc analyst Dan Payne maintains MEG Energy (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MEGEF#OTC">MEGEF</a>) with a Sector Perform and lowers the price target from C$29 to C$27.

National Bank Financial Inc Maintains Sector Perform on MEG Energy, Lowers Price Target to $27

MEG Energy (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MEGEF#OTC">MEGEF</a>) reported quarterly earnings of $0.39 per share. This is a 13.33 percent decrease over earnings of $0.45 per share from the same period last year. The company reported $1.08 billion in sales this quarter. This is a 3.76 percent increase over sales of $1.04 billion the same period last year.

MEG Energy Q4 EPS $0.39 Down From $0.45 YoY, Sales $1.08B Up From $1.04B YoY

MEG Energy Corp.&nbsp;(TSX: MEG) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/megef#OTC">MEGEF</a>) has&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/22/05/g27476716/meg-energy-announces-initiation-of-share-buyback-program" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">repurchased 3.4 million shares&nbsp;</a>for cancellation using the block purchase exception under its normal course issuer bid.
MEG Energy made the purchase as part of a 15 million share block trade on the TSX for C$21.85 per share. Other institutional shareholders purchased the remaining shares of the block.
MEG has 23.6 million shares remaining under its current NCIB, which expires on March 9, 2023.
Price Action:&nbsp;MEG shares are trading lower by 3.53% at C$21.86 on TSX, and MEGEF higher by 0.43% at $17.28 on the last check Tuesday.
Photo Via Company

<ul>
<li>MEG Energy Corp&nbsp;(TSX: MEG) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/megef#OTC">MEGEF</a>)<a class="editor-rtfLink" href="https://www.benzinga.com/quote/MEGEF" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">&nbsp;price target has been raised to C$22&nbsp;</a>from C$21 by&nbsp;RBC Capital&nbsp;analyst Greg Pardy.</li>
<li>The analyst maintained his Outperform rating on the shares.</li>
<li>The analyst stated that the bullish stance towards MEG Energy reflects its capable leadership team, top-quartile oil sands operations at Christina Lake, balance sheet deleveraging, and emerging shareholder returns.</li>
<li>Pardy mentioned that the company indicated that Christina Lake is likely to move into post-payout status in the fourth quarter of 2022.</li>
<li>He added that the company&rsquo;s stated that it is experiencing industry-wide inflationary pressures on its capital and operating costs with respect to labour, steel, fuel, and chemicals and expects this to continue.</li>
<li>MEG Energy&rsquo;s 2022 budget factors in 10% year/year cost inflation with 15% or so anticipated in 2023 at this juncture, added the analyst.</li>
<li>Price Action:&nbsp;MEG shares are trading higher by 7.49% at C$21.95 on TSX, and MEGEF is higher by 7.67% at $17.13 on the last check Wednesday.</li>
</ul>

TD Securities analyst Menno Hulshof upgrades MEG Energy (OTC:<a class="ticker" href="/stock/MEGEF#OTC">MEGEF</a>) from Hold to Buy and raises the price target from $7 to $9.5.

Upgrades

TD Securities Upgrades MEG Energy to Buy, Raises Price Target to $9.5

Oil prices surged to new three-week highs on Thursday after Russian Energy Minister Alexander Novak said that Saudi Arabia had proposed a production cut of up to 5.0 percent to help support oil prices.
However, despite the good news, Barclay&rsquo;s analyst Thomas Driscoll maintains his bearish outlook for oil prices. In a new report, Driscoll drastically lowered the firm&rsquo;s 2016 crude oil price projections in the face of the recent market weakness.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/16/01/6179691/solar-investors-judgement-day-has-arrived-in-california">Solar Investors: Judgement Day Has Arrived In California</a></bzrelatedlink>
<h3>Barclays Crude Oil Price Projections</h3>
Barclays is now projecting $37/bbl for WTI in 2016 and $70/bbl for 2017. Barclays remains bearish on E&amp;P stocks as well.
&ldquo;E&amp;P shares have not fallen quickly enough to get to fair value,&rdquo; Driscoll explained.
The firm has downgraded Range Resources Corp. (NYSE: <a class="ticker" href="/stock/rrc#NYSE">RRC</a>) and MEG ENERGY CORP COM NPV (OTC: <a class="ticker" href="/stock/megef#OTC">MEGEF</a>) from Overweight to Equal-Weight on liquidity concerns. The firm has also reduced its price targets for Underweight-rated Chesapeake Energy Corporation (NYSE: <a class="ticker" href="/stock/chk#NYSE">CHK</a>) and Ultra Petroleum Corp. (NYSE: <a class="ticker" href="/stock/upl#NYSE">UPL</a>) to $1 each.
Disclosure: The author holds no position in the stocks mentioned.
Image Credit: <a href="https://pixabay.com/en/rig-drilling-drilling-rig-oil-1061339/">Public Domain</a>

MEG Energy Corp (OTC: MEGEF) reported a rise in its fourth-quarter profit.

MEG Energy's quarterly net income surged to C$91.1 million, or 46 Canadian cents per share, from C$61.2 million, or 31 Canadian cents per share, in the year-ago period.

MEG Energy's net operating costs declined to C$8.50 per barrel, versus C$11.01 per barrel last year.

MEG Energy Reports Higher Q4 Profit

RBC Capital lowered the firm's price target on MEG Energy (MEGEF) to C$34 from C$35 and keeps an Outperform rating on the shares. Published first o...

MEG Energy price target lowered to C$34 from C$35 at RBC Capital

MEG Energy (TSE:MEG) has released an update. MEG Energy has announced its 2025 capital investment plan, featuring a significant expansion of its Ch...

MEG Energy Unveils 2025 Growth Strategy

MEG Energy (MEGEF – Research Report), the Energy sector company, was revisited by a Wall Street analyst yesterday. Analyst Randy Ollenberger from B...

MEG Energy's Ambitious Expansion and Strong Financial Strategy Earns Buy Rating

National Bank analyst Travis Wood lowered the firm's price target on MEG Energy (MEGEF) to C$28 from C$31 and keeps a Sector Perform rating on the ...

MEG Energy price target lowered to C$28 from C$31 at National Bank

Desjardins analyst Chris MacCulloch lowered the firm's price target on MEG Energy (MEGEF) to C$30.50 from C$31.50 and keeps a Hold rating on the sh...

MEG Energy price target lowered to C$30.50 from C$31.50 at Desjardins

RBC Capital analyst Gregory Pardy maintained a Buy rating on MEG Energy (MEGEF – Research Report) today and set a price target of C$33.00. The comp...

RBC Capital Remains a Buy on MEG Energy (MEGEF)

In a report released yesterday, Menno Hulshof from TD Securities maintained a Buy rating on MEG Energy (MEGEF – Research Report), with a price targ...

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