MEG Energy (TSE:MEG) Stock Price Crosses Above Fifty Day Moving Average - Here's What Happened

MEG Energy Corp. (TSE:MEG - Get Free Report)'s stock price crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of C$21.86 and traded as high as C$25.30. MEG Energy shares last traded at C$25.03, with a volume of 1,224,416 shares traded.

Analysts Set New Price Targets

A number of equities analysts have weighed in on MEG shares. Scotiabank raised shares of MEG Energy to a "strong-buy" rating in a research note on Wednesday, March 19th. TD Securities lowered their price target on shares of MEG Energy from C$33.00 to C$32.00 and set a "buy" rating for the company in a report on Friday, February 28th. Desjardins downgraded MEG Energy from a "buy" rating to a "hold" rating and reduced their price objective for the stock from C$29.00 to C$26.50 in a report on Wednesday, March 19th. Finally, CIBC decreased their price objective on MEG Energy from C$32.00 to C$28.00 in a research report on Thursday, April 10th. Three analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of C$30.61.

MEG Energy Stock Up 0.3%

The business's fifty day simple moving average is C$21.86 and its 200 day simple moving average is C$23.15. The stock has a market cap of C$6.59 billion, a price-to-earnings ratio of 13.46, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 22.80.

MEG Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 15th were paid a $0.10 dividend. The ex-dividend date was Thursday, March 20th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.57%. MEG Energy's dividend payout ratio (DPR) is presently 21.19%.

Insider Activity at MEG Energy

In other news, Senior Officer Erik Alexander Alson sold 32,728 shares of the business's stock in a transaction dated Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total value of C$791,690.32. Also, Director Darlene Miriam Gates sold 91,584 shares of the company's stock in a transaction dated Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total value of C$2,215,416.96. 0.33% of the stock is currently owned by corporate insiders.

About MEG Energy

MEG Energy is engaged in in situ oil sands development and production in Alberta, Canada. As of March 2021, the company reported estimated net proved and probable reserves of 2 billion barrels of oil equivalent. Net production averaged 82,000 barrels per day in 2020.