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

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$26.87 and traded as low as C$23.51. MEG Energy shares last traded at C$23.73, with a volume of 2,046,681 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MEG shares. Jefferies Financial Group decreased their target price on MEG Energy from C$32.00 to C$26.00 and set a “hold” rating on the stock in a research report on Monday, September 16th. Royal Bank of Canada reduced their price target on MEG Energy from C$34.00 to C$33.00 in a report on Wednesday, November 27th. National Bankshares reduced their price target on MEG Energy from C$35.00 to C$31.00 in a report on Friday, September 27th. BMO Capital Markets reduced their price target on MEG Energy from C$37.00 to C$34.00 in a report on Friday, October 4th. Finally, TD Securities boosted their price target on MEG Energy from C$35.00 to C$36.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of C$32.45.

MEG Energy Stock Performance

The stock has a 50 day moving average of C$25.86 and a 200 day moving average of C$26.87. The company has a quick ratio of 1.17, a current ratio of 1.54 and a debt-to-equity ratio of 26.35. The company has a market capitalization of C$6.40 billion, a price-to-earnings ratio of 11.30, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89.

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

MEG Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Wednesday, January 15th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.69%. The ex-dividend date is Monday, December 16th. MEG Energy’s dividend payout ratio (DPR) is presently 19.05%.

Insider Buying and Selling at MEG Energy

In other MEG Energy news, Director Kimberley Elizabeth Lynch Proctor purchased 3,500 shares of the company’s stock in a transaction on Thursday, November 28th. The shares were purchased at an average cost of C$25.06 per share, with a total value of C$87,713.85. 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.