MEG Energy Corp. (MEG.TO) was downgraded to Sell from Buy at TD Securities on Wednesday.

Analyst Menno Hulshof lowered his price target on shares of the Calgary-based pure-play oil sands producer to $28 from $30.

On Tuesday, Cenovus Energy Inc. (CVE.TO) said MEG's Special Meeting to vote on CVE's proposed takeover has been postponed to October 30 (from October 22) as votes in support of the offer are below the required threshold.

"CVE's bid for MEG likely gets approved, but a second delay to the Special Meeting and ASC investor complaints require higher deal risking, in our view," Hulshof said in a note to clients.

"While investors can await 'full-value' of $29.52/sh (1% upside), selling avoids deal risk altogether," the analyst said.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)