MEG Energy (TSE:MEG) Stock Price Passes Above 50 Day Moving Average – Should You Sell?

MEG Energy Corp. (TSE:MEG) shares crossed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of C$21.88 and traded as high as C$28.64. MEG Energy shares last traded at C$25.29, with a volume of 8,617,678 shares trading hands.

Wall Street Analyst Weigh In

Several analysts have commented on MEG shares. National Bankshares boosted their target price on shares of MEG Energy from C$27.00 to C$28.00 and gave the stock a “sector perform” rating in a research report on Thursday, January 30th. Scotiabank raised shares of MEG Energy to a “strong-buy” rating in a research note on Wednesday, March 19th. Desjardins cut shares of MEG Energy from a “buy” rating to a “hold” rating and decreased their price objective for the stock from C$29.00 to C$26.50 in a report on Wednesday, March 19th. TD Securities cut their target price on MEG Energy from C$33.00 to C$32.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Finally, CIBC reduced their price target on MEG Energy from C$32.00 to C$28.00 in a research report on Thursday, April 10th. Four research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of C$30.35.

MEG Energy Stock Performance

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 stock’s 50-day simple moving average is C$21.88 and its two-hundred day simple moving average is C$23.23. The stock has a market cap of C$6.56 billion, a price-to-earnings ratio of 13.40, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89.

MEG Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 15th were paid a $0.10 dividend. The ex-dividend date was Thursday, March 20th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.58%. MEG Energy’s payout ratio is presently 21.19%.

Insider Buying and Selling

In related news, Senior Officer Erik Alexander Alson sold 32,728 shares of the company’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. Also, Director Darlene Miriam Gates sold 91,584 shares of the 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$2,215,416.96. 0.33% of the stock is owned by insiders.

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.