Raising MEG Energy's FVE, but Stock Remains Highly Overvalued
We are raising our fair value estimate on MEG Energy to CAD 6 from CAD 5 on our increased near-term commodity price forecasts. Despite our increased estimate, the stock looks highly overvalued. The West Texas Intermediate benchmark is now more than 20% above our midcycle estimate, due to surprisingly sluggish shale growth and above-average near-term supply disruptions. But these are temporary barriers, in our view. At this time, we recommend that investors remain on the sidelines. Furthermore, w...MEG Energy is engaged in a steam assisted gravity drainage oil sands development at its 80 section Christina Lake Regional Project. As of Dec 31 2010, Co. had total proved bitumen reserves of 605.9 gross thousand barrels (470.5 net thousand barrels).
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