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

Key Points

• MEG Energy's stock price dropped below its 50-day moving average of C$26.24, hitting a low of C$26.22 during trading, although it last traded at C$26.56.
• The company recently announced an increase in its quarterly dividend to $0.11 per share, effective October 15th, raising the annualized yield to 1.7%.
• MEG Energy has a market capitalization of C$6.88 billion and reported a debt-to-equity ratio of 22.80, indicating its financial leverage ratio.

MEG Energy Corp. (TSE:MEG - )'s stock price passed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of C$26.24 and traded as low as C$26.22. MEG Energy shares last traded at C$26.56, with a volume of 1,031,137 shares traded.

MEG Energy Price Performance

The company has a debt-to-equity ratio of 22.80, a current ratio of 1.55 and a quick ratio of 1.17. The firm has a market capitalization of C$6.88 billion, a P/E ratio of 14.07, a P/E/G ratio of 0.17 and a beta of 2.89. The firm's 50 day simple moving average is C$26.24 and its two-hundred day simple moving average is C$23.88.

MEG Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Friday, September 12th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.7%. This is a positive change from MEG Energy's previous quarterly dividend of $0.10. MEG Energy's payout ratio is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.