MEG Energy (TSE:MEG) Stock Passes Above 50 Day Moving Average - Here's Why

MEG Energy Corp. (TSE:MEG - Get Free Report)'s stock price crossed above its fifty day moving average during trading on Monday . The stock has a fifty 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 changing hands.

Analysts Set New Price Targets

Several research firms recently commented on MEG. TD Securities cut 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 research note on Friday, February 28th. Desjardins cut shares of MEG Energy from a "buy" rating to a "hold" rating and dropped their price objective for the company from C$29.00 to C$26.50 in a research note on Wednesday, March 19th. Scotiabank upgraded shares of MEG Energy to a "strong-buy" rating in a research note on Wednesday, March 19th. National Bankshares increased their price objective on shares of 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. Finally, CIBC dropped their price objective on shares of MEG Energy from C$32.00 to C$28.00 in a research note on Thursday, April 10th. Four equities research 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. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of C$30.35.

MEG Energy Stock Up 0.3%

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$6.41 billion, a price-to-earnings ratio of 13.09, a P/E/G ratio of 0.17 and a beta of 2.89. The firm's fifty day simple moving average is C$21.91 and its 200 day simple moving average is C$23.17.

MEG Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors 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 annualized dividend and a dividend yield of 1.62%. MEG Energy's dividend payout ratio 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 shares were 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 business's stock in a transaction dated 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. 0.33% of the stock is owned by company 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.