MEG Energy (TSE:MEG) Shares Cross Below 200-Day Moving Average – What’s Next?

MEG Energy Corp. (TSE:MEG) passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$24.56 and traded as low as C$22.68. MEG Energy shares last traded at C$22.81, with a volume of 3,419,420 shares.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on MEG shares. National Bankshares upped their target price on 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. Royal Bank of Canada decreased their target price on MEG Energy from C$33.00 to C$31.00 in a research report on Tuesday, January 14th. Scotiabank raised shares of MEG Energy to a “strong-buy” rating in a report on Wednesday, March 19th. TD Securities decreased their price objective on shares of MEG Energy from C$33.00 to C$32.00 and set a “buy” rating for the company in a report on Friday, February 28th. Finally, Desjardins lowered shares of MEG Energy from a “buy” rating to a “hold” rating and lowered their price objective for the stock from C$29.00 to C$26.50 in a research report on Wednesday, March 19th. Five analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, MEG Energy presently has an average rating of “Hold” and a consensus target price of C$30.95.

MEG Energy Stock Performance

The company’s fifty day simple moving average is C$23.51 and its 200 day simple moving average is C$24.53. The stock has a market capitalization of C$5.17 billion, a P/E ratio of 10.57, a P/E/G ratio of 0.17 and a beta of 2.89. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 22.80.

MEG Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 15th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend is Thursday, March 20th. MEG Energy’s payout ratio is 21.19%.

Insider Buying and Selling at MEG Energy

In other news, Senior Officer Erik Alexander Alson sold 32,728 shares of the firm’s stock in a transaction on Saturday, March 15th. The shares were sold at an average price of C$24.19, for a total transaction of C$791,690.32. Also, Director Darlene Miriam Gates sold 91,584 shares of MEG Energy stock in a transaction on Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total transaction of C$2,215,416.96. Insiders own 0.33% of the company’s stock.

About MEG Energy

MEG Energy is engaged in in situ oil sands development and production in Alberta, Canada. As of March 2021, the company reported estimated net proved and probable reserves of 2 billion barrels of oil equivalent. Net production averaged 82,000 barrels per day in 2020.