MEG Energy Corp. (OTCMKTS:MEGEF – Get Rating) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totalling 2,942,500 shares, a drop of 20.5% from the August 15th total of 3,702,700 shares. Based on an average daily volume of 292,500 shares, the short-interest ratio is presently 10.1 days.

MEG Energy Price Performance

OTCMKTS:MEGEF opened at $13.57 on Friday. The company's 50-day moving average price is $13.23 and its 200-day moving average price is $14.46. MEG Energy has a twelve month low of $6.23 and a twelve month high of $19.90.

Analysts Set New Price Targets

MEGEF has been the topic of several recent analyst reports. Scotiabank downgraded shares of MEG Energy from an "outperform" rating to a "sector perform" rating in a report on Wednesday, June 8th. TD Securities decreased their price objective on shares of MEG Energy from C$23.00 to C$22.00 in a report on Friday, July 29th. National Bank Financial decreased their price target on shares of MEG Energy from C$31.00 to C$30.00 in a research note on Monday, July 18th. Finally, Desjardins downgraded shares of MEG Energy from a "buy" rating to a "hold" rating in a research note on Wednesday, July 27th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, MEG Energy presently has an average rating of "Hold" and a consensus price target of $21.38.

About MEG Energy

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.

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