MEG Energy (TSE:MEG) Shares Pass Above Fifty Day Moving Average – Here’s What Happened

MEG Energy Corp. (TSE:MEG)’s stock price passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of C$27.62 and traded as high as C$28.64. MEG Energy shares last traded at C$28.53, with a volume of 1,533,666 shares changing hands.

Wall Street Analyst Weigh In

Separately, Desjardins downgraded shares of MEG Energy from a “hold” rating to a “tender” rating and set a C$28.00 price target for the company. in a report on Monday, August 25th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, MEG Energy has an average rating of “Buy” and an average target price of C$30.86.

MEG Energy Price Performance

The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 22.80. The company has a market capitalization of C$7.26 billion, a PE ratio of 13.65, a price-to-earnings-growth ratio of 0.17 and a beta of 0.93. The stock’s 50-day moving average is C$27.62 and its two-hundred day moving average is C$24.96.

MEG Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, October 15th will be given a $0.11 dividend. This is an increase from MEG Energy’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.44 dividend on an annualized basis and a yield of 1.5%. MEG Energy’s dividend payout ratio is currently 19.14%.

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.