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

MEG Energy Corp. (TSE:MEG)’s share price passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$25.28 and traded as low as C$22.81. MEG Energy shares last traded at C$22.98, with a volume of 1,491,592 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. TD Securities boosted their price objective on MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Royal Bank of Canada reduced their target price on MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. ATB Capital reduced their target price on MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. Desjardins raised MEG Energy from a “hold” rating to a “moderate buy” rating in a report on Tuesday, January 28th. Finally, National Bankshares lifted 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. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of C$32.00.

MEG Energy Stock Down 1.5 %

The company has a debt-to-equity ratio of 22.80, a current ratio of 1.55 and a quick ratio of 1.17. The company has a market cap of C$5.96 billion, a PE ratio of 12.17, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. The company has a fifty day moving average price of C$23.63 and a 200 day moving average price of C$25.28.

MEG Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Wednesday, January 15th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend was Monday, December 16th. MEG Energy’s payout ratio is 21.19%.

Insider Buying and Selling

In other news, Director Kimberley Elizabeth Lynch Proctor bought 3,500 shares of the company’s stock in a transaction that occurred on Thursday, November 28th. The stock was 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 bought 8,500 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was purchased at an average price of C$23.06 per share, with a total value of C$195,993.00. Insiders bought 12,805 shares of company stock worth $303,669 in the last quarter. 0.33% of the stock is owned by insiders.

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.