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Benzinga
Benzinga
Business
Akanksha Bakshi

Why MEG Energy Shares Are Trading Higher Today

MEG (Organization) RBC Capital TSX Inflation Oil
  • MEG Energy Corp (TSX:MEG) (OTC:MEGEF) price target has been raised to C$22 from C$21 by RBC Capital analyst Greg Pardy.
  • The analyst maintained his Outperform rating on the shares.
  • 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.
  • Pardy mentioned that the company indicated that Christina Lake is likely to move into post-payout status in the fourth quarter of 2022.
  • He added that the company’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.
  • MEG Energy’s 2022 budget factors in 10% year/year cost inflation with 15% or so anticipated in 2023 at this juncture, added the analyst.
  • Price Action: 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.
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