MEG Energy (TSE:MEG) Stock Passes Above 50 Day Moving Average - Time to Sell?

Shares of MEG Energy Corp. (TSE:MEG - Get Free Report) crossed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of C$22.81 and traded as high as C$27.04. MEG Energy shares last traded at C$27.00, with a volume of 1,407,278 shares trading hands.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MEG shares. TD Securities cut their price objective on 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. CIBC dropped their price target on shares of MEG Energy from C$32.00 to C$28.00 in a research report on Thursday, April 10th. Scotiabank raised shares of MEG Energy to a "strong-buy" rating in a research note on Wednesday, March 19th. Finally, Desjardins cut shares of MEG Energy from a "buy" rating to a "hold" rating and lowered their target price for the company from C$29.00 to C$26.50 in a research note on Wednesday, March 19th. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of C$30.61.

MEG Energy Stock Performance

The business's fifty day simple moving average is C$23.10 and its 200-day simple moving average is C$23.18. 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 firm has a market capitalization of C$6.65 billion, a PE ratio of 13.59, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89.

MEG Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 15th will be given a $0.10 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.56%. MEG Energy's dividend payout ratio is currently 21.19%.

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.