MEG Energy (TSE:MEG) Shares Cross Above 50 Day Moving Average - Here's What Happened

Shares of MEG Energy Corp. (TSE:MEG - Get Free Report) crossed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of C$22.03 and traded as high as C$25.81. MEG Energy shares last traded at C$25.81, with a volume of 901,662 shares.

Analysts Set New Price Targets

Several equities analysts recently issued reports on MEG shares. Desjardins cut 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. TD Securities cut their price target on MEG Energy from C$33.00 to C$32.00 and set a "buy" rating for the company in a research note on Friday, February 28th. CIBC cut their price target on MEG Energy from C$32.00 to C$28.00 in a research note on Thursday, April 10th. Finally, Scotiabank upgraded shares of MEG Energy to a "strong-buy" rating in a research report on Wednesday, March 19th. Three analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of C$30.61.

MEG Energy Stock Performance

The company has a market capitalization of C$6.85 billion, a price-to-earnings ratio of 14.01, a PEG ratio of 0.17 and a beta of 2.89. The stock has a fifty day moving average price of C$22.30 and a two-hundred day moving average price of C$23.11. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 22.80.

MEG Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 15th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend is Monday, June 16th. MEG Energy's dividend payout ratio is presently 21.19%.

MEG Energy Company Profile

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.