MEG Energy (TSE:MEG) Share Price Crosses Below 50-Day Moving Average – Here’s Why

MEG Energy Corp. (TSE:MEG) crossed below its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of C$24.64 and traded as low as C$24.23. MEG Energy shares last traded at C$24.68, with a volume of 1,966,235 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on MEG shares. ATB Capital decreased their price objective on MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. BMO Capital Markets decreased their price target on MEG Energy from C$37.00 to C$34.00 in a report on Friday, October 4th. National Bankshares dropped their price objective on shares of MEG Energy from C$35.00 to C$31.00 in a research note on Friday, September 27th. TD Securities boosted their target price 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, Scotiabank upgraded shares of MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price target on the stock in a research report on Wednesday, September 25th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of C$32.45.

MEG Energy Trading Up 2.1 %

The company’s fifty day simple moving average is C$24.64 and its 200-day simple moving average is C$26.21. The firm has a market capitalization of C$6.65 billion, a PE ratio of 11.75, a P/E/G ratio of 0.17 and a beta of 2.89. The company has a debt-to-equity ratio of 26.35, a current ratio of 1.54 and a quick ratio of 1.17.

MEG Energy (TSE:MEG) last released its quarterly earnings results on Tuesday, November 5th. The company reported C$0.62 earnings per share for the quarter, missing the consensus estimate of C$0.63 by C($0.01). MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. The company had revenue of C$1.27 billion for the quarter, compared to analyst estimates of C$1.33 billion. As a group, sell-side analysts expect that MEG Energy Corp. will post 2.2734628 earnings per share for the current fiscal year.

MEG Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Wednesday, January 15th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date is Monday, December 16th. MEG Energy’s dividend payout ratio is presently 19.05%.

Insider Activity at MEG Energy

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