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

Key Points

• MEG Energy shares surpassed their 50-day moving average, trading at C$28.53 after reaching a high of C$28.64 during the session.
• Desjardins has downgraded MEG Energy from a "hold" to a "tender" rating, setting a new price target of C$28.00, while the average rating remains a "Buy" with a consensus target of C$30.86.
• The company recently increased its quarterly dividend to $0.11 per share, up from $0.10, with an ex-dividend date of September 12th.

Shares of MEG Energy Corp. (TSE:MEG - Get Free Report) passed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of C$27.62 and traded as high as C$28.64. MEG Energy shares last traded at C$28.53, with a volume of 1,533,666 shares.

Analysts Set New Price Targets

Separately, Desjardins lowered MEG Energy from a "hold" rating to a "tender" rating and set a C$28.00 price target for the company. in a research note on Monday, August 25th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, MEG Energy has an average rating of "Buy" and a consensus price target of C$30.86.

MEG Energy Price Performance

The firm's fifty day simple moving average is C$27.62 and its 200 day simple moving average is C$24.96. The firm has a market cap of C$7.26 billion, a P/E ratio of 13.65, a P/E/G ratio of 0.17 and a beta of 0.93. The company has a debt-to-equity ratio of 22.80, a quick ratio of 1.17 and a current ratio of 1.55.

MEG Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 15th will be issued a dividend of $0.11 per share. This is a boost from MEG Energy's previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.44 annualized dividend and a dividend yield of 1.5%. MEG Energy's payout ratio is currently 19.14%.

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.

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