MEG Energy Corp. (OTCMKTS:MEGEF – Get Rating) was the recipient of a significant increase in short interest in the month of July. As of July 15th, there was short interest totalling 3,400,900 shares, an increase of 19.7% from the June 30th total of 2,840,700 shares. Based on an average trading volume of 404,100 shares, the short-interest ratio is presently 8.4 days.

Analyst Upgrades and Downgrades

MEGEF has been the subject of a number of recent analyst reports. CIBC upped their price objective on MEG Energy from C$20.00 to C$23.00 in a research note on Thursday, April 14th. Scotiabank downgraded MEG Energy from an "outperform" rating to a "sector perform" rating in a research report on Wednesday, June 8th. TD Securities decreased their target price on MEG Energy from C$23.00 to C$22.00 in a research report on Friday, July 29th. BMO Capital Markets boosted their target price on MEG Energy from C$22.00 to C$25.00 in a research report on Tuesday, May 3rd. Finally, Royal Bank of Canada boosted their target price on MEG Energy from C$21.00 to C$22.00 in a research report on Wednesday, May 4th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, MEG Energy currently has an average rating of "Hold" and an average target price of $21.38.

MEG Energy Stock Performance

Shares of MEGEF stock opened at $11.61 on Friday. MEG Energy has a 1 year low of $5.23 and a 1 year high of $19.90. The stock's 50 day simple moving average is $14.72 and its two-hundred day simple moving average is $14.16.

MEG Energy Company Profile

MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production in the southern Athabasca oil region of Alberta, Canada. The company owns a 100% interest in approximately 410 square miles of mineral leases. It also develops oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the recovery of oil, as well as lower carbon emissions.

Further Reading

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