MEG Energy Price Target Lowered to $33 at RBC

MT Newswires Live2024-11-27

RBC Capital Markets lowered its price target on MEG Energy Corp. (MEG.TO) to $33 from $34.

Analyst Greg Pardy maintained an Outperform rating on shares of the Canadian oil sands producer.

"MEG Energy delivered a clear and comprehensive Business Update which unveiled its longer-term 2025-30 growth outlook of 25,000 bbl/d," Pardy said in a note to clients.

"The company's strategic game plan makes sense to us, especially as it relates to driving down its WTI break-even (and presumably GHG emissions per barrel) over time by developing higher quality resource," the analyst said.

"Our constructive stance towards MEG reflects its capable leadership team, solid operating performance, strong balance sheet and abundant shareholder returns," Party said.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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