As previously reported, TD Securities downgraded MEG Energy (MEGEF) to Sell from Buy with a price target of C$28, down from C$30. A second delay on the Cenovus Energy (CVE) transaction shareholder vote along with Alberta Securities Commission complaints pertaining to the termination Strathcona Resources (STHRF) “require higher deal risking,” the analyst tells investors in a research note. This is the first time we’ve encountered a situation of this nature,” added TD.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MEGEF:
- MEG Energy delays vote on proposed Cenovus takeover
- MEG Energy downgraded to Sell from Buy at TD Securities
- MEG Energy Postpones Shareholder Vote on Cenovus Transaction
- MEG Energy Urges Shareholders to Support Enhanced Cenovus Deal
- MEG Energy Enhances Cenovus Deal Terms, Sets New Shareholder Meeting Date