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MEG Energy Corp
Symbol MEG
Shares Issued 268,213,760
Close 2024-09-27 C$ 24.77
Market Cap C$ 6,643,654,835
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Globe says MEG Energy kept at "sector perform"

2024-09-27 08:39 ET - In the News

The Globe and Mail reports in its Friday, Sept. 27, edition that crude oil prices have dropped to as low as $65 (U.S.) per barrel this quarter, and domestic gas prices are also decreasing (all subsequent figures Canadian). The Globe's David Leeder writes in the Eye On Equities column that despite this, National Bank Financial analysts Travis Wood and Dan Payne are still confident in the financial strength and resiliency of MEG Energy, which they rate "sector perform." They gave their share target a $4 trim to $31. Analysts on average target the shares at $33.96. Mr. Wood and Mr. Payne say in a note: "The new reality is that companies within the sector are now much more comfortable at mid-to-low cycle pricing with sustainable payout ratios, historically low debt levels and reduced AECO exposure. ... Despite the noise, with interest rate cuts underway around the globe (the Fed recently committed to a 50-basis-point cut, its first since 2020, with more expected later this year), we believe product demand should firm up in the coming months (crack spreads currently approaching COVID lows) as the easing of rates drives a ramp-up in industrial and consumer activity, which in turn should help buoy crude demand."

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