MEG Energy (TSE:MEG) Share Price Crosses Above 50 Day Moving Average - Time to Sell?

Shares of MEG Energy Corp. (TSE:MEG - Get Free Report) passed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of C$21.90 and traded as high as C$24.73. MEG Energy shares last traded at C$24.53, with a volume of 1,060,104 shares.

Wall Street Analysts Forecast Growth

MEG has been the subject of several research analyst reports. CIBC cut their target price on shares of MEG Energy from C$32.00 to C$28.00 in a research note on Thursday, April 10th. Desjardins cut shares of MEG Energy from a "buy" rating to a "hold" rating and dropped their price target for the stock 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 report on Wednesday, March 19th. Finally, TD Securities decreased their price objective 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. Three equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of C$30.61.

MEG Energy Stock Performance

The business's 50-day moving average price is C$21.87 and its 200-day moving average price is C$23.13. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 22.80. The stock has a market cap of C$6.23 billion, a PE ratio of 12.74, a P/E/G ratio of 0.17 and a beta of 2.89.

MEG Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 15th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date was Thursday, March 20th. MEG Energy's payout ratio is currently 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 on Saturday, March 15th. The shares were sold at an average price of C$24.19, for a total value of C$2,215,416.96. Also, Senior Officer Erik Alexander Alson sold 32,728 shares of the business's stock in a transaction on Saturday, March 15th. The shares were sold at an average price of C$24.19, for a total transaction of C$791,690.32. 0.33% of the stock is owned by insiders.

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.