MEG Energy (TSE:MEG) Share Price Crosses Below 200-Day Moving Average - Here's Why

MEG Energy Corp. (TSE:MEG - Get Free Report)'s stock price passed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$24.56 and traded as low as C$22.68. MEG Energy shares last traded at C$22.81, with a volume of 3,419,420 shares traded.

Wall Street Analyst Weigh In

MEG has been the subject of a number of research reports. Royal Bank of Canada dropped their price objective on MEG Energy from C$33.00 to C$31.00 in a research note on Tuesday, January 14th. Scotiabank raised MEG Energy to a "strong-buy" rating in a research report on Wednesday, March 19th. National Bankshares boosted their price target on shares of MEG Energy from C$27.00 to C$28.00 and gave the stock a "sector perform" rating in a research note on Thursday, January 30th. TD Securities lowered 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 research note on Friday, February 28th. Finally, Desjardins downgraded shares of MEG Energy from a "buy" rating to a "hold" rating and cut their target price for the stock from C$29.00 to C$26.50 in a research note on Wednesday, March 19th. Five 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. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of C$30.95.

MEG Energy Stock Down 6.7 %

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 company has a market cap of C$4.80 billion, a PE ratio of 9.82, a P/E/G ratio of 0.17 and a beta of 2.89. The business's 50 day moving average is C$23.23 and its 200-day moving average is C$24.39.

MEG Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 15th will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, March 20th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.16%. MEG Energy's payout ratio is currently 21.19%.

Insider Activity at MEG Energy

In other MEG Energy news, Senior Officer Erik Alexander Alson sold 32,728 shares of the stock in a transaction that occurred on Saturday, March 15th. The shares were sold at an average price of C$24.19, for a total value of C$791,690.32. Also, Director Darlene Miriam Gates sold 91,584 shares of the business's stock in a transaction that occurred on Saturday, March 15th. The stock was sold at an average price of C$24.19, for a total transaction of C$2,215,416.96. 0.33% of the stock is currently owned by corporate 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.