MEG Energy (TSE:MEG) Shares Pass Below 50-Day Moving Average – Here’s What Happened

MEG Energy Corp. (TSE:MEG)’s stock price crossed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of C$24.64 and traded as low as C$24.23. MEG Energy shares last traded at C$24.68, with a volume of 1,966,235 shares traded.

Wall Street Analysts Forecast Growth

MEG has been the topic of a number of research analyst reports. BMO Capital Markets cut their price target on shares of MEG Energy from C$37.00 to C$34.00 in a report on Friday, October 4th. National Bankshares dropped their target price on shares of MEG Energy from C$35.00 to C$31.00 in a research note on Friday, September 27th. ATB Capital decreased their price target on shares of MEG Energy from C$37.00 to C$35.00 in a research note on Wednesday, November 27th. Jefferies Financial Group dropped their price objective on MEG Energy from C$32.00 to C$26.00 and set a “hold” rating on the stock in a research note on Monday, September 16th. Finally, TD Securities lifted their target price on MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, MEG Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of C$32.45.

MEG Energy Stock Up 2.1 %

The business has a 50 day moving average of C$24.64 and a two-hundred day moving average of C$26.21. The stock has a market capitalization of C$6.65 billion, a PE ratio of 11.75, a PEG ratio of 0.17 and a beta of 2.89. The company has a debt-to-equity ratio of 26.35, a quick ratio of 1.17 and a current ratio of 1.54.

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

MEG Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Wednesday, January 15th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date is Monday, December 16th. MEG Energy’s payout ratio is presently 19.05%.

Insider Activity

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