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

Shares of MEG Energy Corp. (TSE:MEG) 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.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Desjardins raised MEG Energy from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, January 28th. Royal Bank of Canada decreased their target price on MEG Energy from C$33.00 to C$31.00 in a research note on Tuesday, January 14th. National Bankshares boosted their target price on MEG Energy from C$27.00 to C$28.00 and gave the company a “sector perform” rating in a research note on Thursday, January 30th. ATB Capital decreased their target price on MEG Energy from C$37.00 to C$35.00 in a research note on Wednesday, November 27th. Finally, TD Securities boosted their target price 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. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of C$32.00.

MEG Energy Stock Down 1.5 %

The firm’s 50-day simple moving average is C$23.61 and its 200 day simple moving average is C$25.25. The company has a debt-to-equity ratio of 22.80, a quick ratio of 1.17 and a current ratio of 1.55. The stock has a market capitalization of C$5.96 billion, a P/E ratio of 12.17, a PEG ratio of 0.17 and a beta of 2.89.

MEG Energy Announces Dividend

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

Insider Activity

In related news, Director Robert Ross Rooney purchased 8,500 shares of the stock in a transaction on Wednesday, December 18th. The shares were purchased at an average cost 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 stock in a transaction on Thursday, November 28th. The stock was bought at an average cost of C$25.06 per share, for a total transaction of C$87,713.85. In the last ninety days, insiders have bought 12,805 shares of company stock valued at $303,669. 0.33% of the stock is owned by company insiders.

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.