MEG Energy (TSE:MEG) Stock Passes Below 200 Day Moving Average – What’s Next?

MEG Energy Corp. (TSE:MEG)’s share price crossed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of C$28.29 and traded as low as C$25.71. MEG Energy shares last traded at C$26.07, with a volume of 1,074,849 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MEG. Scotiabank raised shares of MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price objective on the stock in a research report on Wednesday, September 25th. National Bankshares cut their price objective on shares of MEG Energy from C$35.00 to C$31.00 in a research report on Friday, September 27th. BMO Capital Markets decreased their target price on MEG Energy from C$37.00 to C$34.00 in a research report on Friday, October 4th. Royal Bank of Canada dropped their price target on MEG Energy from C$39.00 to C$35.00 in a report on Tuesday, September 17th. Finally, Jefferies Financial Group decreased their price objective on MEG Energy from C$32.00 to C$26.00 and set a “hold” rating on the stock in a report on Monday, September 16th. Six analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, MEG Energy presently has a consensus rating of “Moderate Buy” and an average price target of C$32.27.

MEG Energy Stock Performance

The stock has a 50 day moving average of C$26.23 and a 200 day moving average of C$28.29. 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 firm has a market cap of C$7.03 billion, a price-to-earnings ratio of 12.41, a P/E/G ratio of 0.17 and a beta of 2.89.

MEG Energy (TSE:MEG) last issued its earnings results on Thursday, July 25th. The company reported C$0.86 EPS for the quarter, beating the consensus estimate of C$0.69 by C$0.17. The company had revenue of C$2.74 billion during the quarter, compared to analysts’ expectations of C$1.28 billion. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. As a group, analysts anticipate that MEG Energy Corp. will post 2.2734628 EPS for the current fiscal year.

MEG Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 15th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, September 17th. This represents a $0.40 annualized dividend and a yield of 1.53%. MEG Energy’s dividend payout ratio is currently 19.05%.

Insider Buying and Selling at MEG Energy

In other MEG Energy news, Director James D. Mcfarland purchased 5,000 shares of the stock in a transaction dated Friday, August 30th. The stock was bought at an average price of C$26.94 per share, with a total value of C$134,700.00. In related news, Director Michael Mcallister bought 7,400 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average price of C$25.67 per share, for a total transaction of C$189,986.86. Also, Director James D. Mcfarland bought 5,000 shares of the firm’s stock in a transaction on Friday, August 30th. The shares were bought at an average cost of C$26.94 per share, for a total transaction of C$134,700.00. Company insiders own 0.33% of the company’s stock.

About MEG Energy

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.