MEG Energy (TSE:MEG) Shares Cross Below 200 Day Moving Average – Here’s What Happened

MEG Energy Corp. (TSE:MEG)’s share price passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$25.28 and traded as low as C$22.81. MEG Energy shares last traded at C$22.98, with a volume of 1,491,592 shares trading hands.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MEG. ATB Capital cut their target price on shares of MEG Energy from C$37.00 to C$35.00 in a research report on Wednesday, November 27th. Desjardins raised shares of MEG Energy from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, January 28th. National Bankshares raised their price target on shares of MEG Energy from C$27.00 to C$28.00 and gave the company a “sector perform” rating in a research note on Thursday, January 30th. TD Securities raised their price target on shares of MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Finally, Royal Bank of Canada dropped their price target on shares of MEG Energy from C$33.00 to C$31.00 in a research note on Tuesday, January 14th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, MEG Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of C$32.00.

MEG Energy Price Performance

The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 22.80. The firm has a market cap of C$5.96 billion, a P/E ratio of 12.17, a P/E/G ratio of 0.17 and a beta of 2.89. The business’s 50 day moving average is C$23.61 and its two-hundred day moving average is C$25.25.

MEG Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Wednesday, January 15th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date was Monday, December 16th. MEG Energy’s payout ratio is 21.19%.

Insiders Place Their Bets

In other MEG Energy news, Director Kimberley Elizabeth Lynch Proctor acquired 3,500 shares of MEG Energy stock in a transaction dated Thursday, November 28th. The stock was purchased at an average cost of C$25.06 per share, for a total transaction of C$87,713.85. Also, Director Robert Ross Rooney purchased 8,500 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were purchased at an average price of C$23.06 per share, for a total transaction of C$195,993.00. Over the last ninety days, insiders purchased 12,805 shares of company stock worth $303,669. 0.33% of the stock is currently owned by company insiders.

MEG Energy Company Profile

MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production in its Christina Lake Project in the southern Athabasca oil region of Alberta, Canada. The company develops oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the recovery of oil, as well as lower carbon emissions.