MEG Energy (TSE:MEG) Share Price Crosses Above 50 Day Moving Average – Time to Sell?

MEG Energy Corp. (TSE:MEG)’s stock price crossed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of C$23.82 and traded as high as C$24.09. MEG Energy shares last traded at C$23.02, with a volume of 2,890,990 shares traded.

Wall Street Analysts Forecast Growth

MEG has been the topic of a number of recent research reports. Royal Bank of Canada reduced their price target on shares of MEG Energy from C$33.00 to C$31.00 in a research report on Tuesday, January 14th. National Bankshares lifted their target price on shares of MEG Energy from C$27.00 to C$28.00 and gave the company a “sector perform” rating in a report on Thursday, January 30th. Desjardins upgraded MEG Energy from a “hold” rating to a “moderate buy” rating in a report on Tuesday, January 28th. ATB Capital reduced their price objective on MEG Energy from C$37.00 to C$35.00 in a research note on Wednesday, November 27th. Finally, TD Securities upped their target price on MEG Energy from C$35.00 to C$36.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of C$32.00.

MEG Energy Stock Performance

The company has a debt-to-equity ratio of 26.35, a quick ratio of 1.17 and a current ratio of 1.54. The company has a market cap of C$6.20 billion, a P/E ratio of 10.96, a P/E/G ratio of 0.17 and a beta of 2.89. The firm has a 50 day moving average price of C$23.74 and a 200-day moving average price of C$25.40.

MEG Energy (TSE:MEG) last posted its quarterly earnings data on Tuesday, November 5th. The company reported C$0.62 earnings per share for the quarter, missing the consensus estimate of C$0.63 by C($0.01). The business had revenue of C$1.27 billion for the quarter, compared to analyst estimates of C$1.33 billion. MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. On average, research analysts predict that MEG Energy Corp. will post 2.2734628 EPS for the current year.

MEG Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Wednesday, January 15th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date was Monday, December 16th. MEG Energy’s dividend payout ratio is 19.05%.

Insiders Place Their Bets

In other MEG Energy news, Director Kimberley Elizabeth Lynch Proctor bought 3,500 shares of the firm’s stock in a transaction dated Thursday, November 28th. The shares were bought at an average price of C$25.06 per share, for a total transaction of C$87,713.85. Also, Director Robert Ross Rooney acquired 8,500 shares of the stock in a transaction on Wednesday, December 18th. The stock was bought at an average price of C$23.06 per share, with a total value of C$195,993.00. Insiders acquired a total of 12,805 shares of company stock worth $303,669 over the last quarter. Company insiders own 0.33% of the company’s stock.

MEG Energy Company Profile

MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production in its Christina Lake Project in the southern Athabasca oil region of Alberta, Canada. The company develops oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the recovery of oil, as well as lower carbon emissions.