June 13, 2019 / 9:54 PM / 6 months ago

BUZZ-Canadian investor Seymour Schulich buys about 5% stake in MEG Energy - Bloomberg

** Canadian investor Seymour Schulich says he bought about 5% stake in MEG Energy Corp, according to Bloomberg

** "The markets are right for investing in oil right now due to the surplus of supply of 1% to 2%," Schulich, 79, tells Bloomberg in an interview bloom.bg/2Kh9c2I in Toronto; Schulich's stake is worth about C$75 mln ($56 mln)

** Canadian oil producer MEG’s shares closed up 12.3% at C$5.12 on Thursday, while Canada’s benchmark index ended 0.1% lower

** 9 of 17 brokerages rate the stock “buy” or higher, 7 “hold” and 1 “sell”; their median PT is C$8

** MEG shares have slipped ~34% YTD (Reporting by Shradha Singh in Bengaluru)

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