MEG Energy (TSE:MEG) Stock Crosses Above Fifty Day Moving Average - What's Next?

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.

Analysts Set New Price Targets

MEG has been the subject of several recent analyst reports. Scotiabank raised shares of MEG Energy to a "strong-buy" rating in a report on Wednesday, March 19th. 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 cut their target price for the company from C$29.00 to C$26.50 in a research note on Wednesday, March 19th. Finally, 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. Three 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 company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of C$30.61.

MEG Energy Trading Up 1.4%

The company has a market cap of C$7.00 billion, a price-to-earnings ratio of 14.30, a PEG ratio of 0.17 and a beta of 2.89. 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 business's 50 day moving average price is C$22.81 and its 200-day moving average price is C$23.18.

MEG Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 15th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date is Monday, June 16th. MEG Energy's dividend 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.

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