MEG Energy (TSE:MEG) Share Price Passes Above 50-Day Moving Average - What's Next?

MEG Energy Corp. (TSE:MEG - Get Free Report) shares passed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of C$21.88 and traded as high as C$28.64. MEG Energy shares last traded at C$25.29, with a volume of 8,617,678 shares traded.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MEG. CIBC decreased their target price on MEG Energy from C$32.00 to C$28.00 in a research note on Thursday, April 10th. Desjardins downgraded shares of MEG Energy from a "buy" rating to a "hold" rating and cut their price target for the company from C$29.00 to C$26.50 in a report on Wednesday, March 19th. National Bankshares boosted their target price on shares of MEG Energy from C$27.00 to C$28.00 and gave the stock a "sector perform" rating in a report on Thursday, January 30th. Scotiabank raised shares of MEG Energy to a "strong-buy" rating in a research note on Wednesday, March 19th. Finally, TD Securities reduced their target price 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. Four analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, MEG Energy currently has a consensus rating of "Moderate Buy" and a consensus target price of C$30.35.

MEG Energy Stock Performance

The firm's fifty day simple moving average is C$21.88 and its 200 day simple moving average is C$23.23. The company has a market capitalization of C$6.56 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 0.17 and a beta of 2.89. The company has a debt-to-equity ratio of 22.80, a current ratio of 1.55 and a quick ratio of 1.17.

MEG Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 15th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date of this dividend was Thursday, March 20th. MEG Energy's dividend payout ratio is 21.19%.

Insiders Place Their Bets

In related news, Director Darlene Miriam Gates sold 91,584 shares of the business's stock in a transaction that occurred on Saturday, March 15th. The shares were sold at an average price of C$24.19, for a total transaction of C$2,215,416.96. Also, Senior Officer Erik Alexander Alson sold 32,728 shares of the stock in a transaction that occurred on Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total transaction of C$791,690.32. Corporate insiders own 0.33% of the company's stock.

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.

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