** Tudor Pickering Holt & Co downgrades Canadian oil producer MEG Energy to "hold" from "buy"
** While there is significant asset value in business, it is unlikely to be appreciated in near-term given continued challenges in Canadian energy space that limits investor interests -brokerage ** Delay in Enbridge Inc's Line 3 pipeline replacement project presents uncertainty for MEG to utilize fully the incremental Flanagan South pipeline volumes in 2020 ** Cos in Alberta are in need for new export pipelines to help alleviate congestion and increase access to higher-priced markets ** "We continue to view the company as a unique animal in the Canadian space with an estimated FCF to equity yield of 24% on avg. 2019-2022…" -TPH ** 10 of 17 brokerages rate the stock "buy" or higher, 6 "hold" and 1 "sell"; their median PT is C$8 ** Upto Thursday's close stock down ~46% YTD (Reporting By Arundhati Sarkar in Bengaluru)