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Bill McCaffrey, president and CEO of MEG Energy
Bill McCaffrey, president and CEO of MEG Energy
(Jeff McIntosh For The Globe and Mail)

Meg Energy becomes Canaccord's favourite oil sands stock

Inside the Market’s roundup of some of today’s key analyst actions. This post will be updated with more analyst commentary during the trading day.

Canaccord Genuity analyst Phil Skolnick has upgraded Meg Energy Corp. to “buy” from “hold” and has chosen the producer as his favourite heavy oil stock.

Oil sands companies are counting on the controversial Keystone XL pipeline to ship their crude to U.S. markets. But the controversial project has been caught up in a U.S. debate, and its approval is not assured, leaving a glut of crude – and lower prices - in Western Canada.