MEG Energy (TSE:MEG) Stock Passes Below 50 Day Moving Average – Time to Sell?

MEG Energy Corp. (TSE:MEG) crossed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of C$30.53 and traded as low as C$30.49. MEG Energy shares last traded at C$30.89, with a volume of 6,350,674 shares trading hands.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Atb Cap Markets cut shares of MEG Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 25th. TD Securities cut shares of MEG Energy from a “buy” rating to a “sell” rating and dropped their price objective for the company from C$30.00 to C$28.00 in a research note on Wednesday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of C$28.60.

MEG Energy Stock Performance

The stock has a market cap of C$7.86 billion, a PE ratio of 14.64, a PEG ratio of 0.17 and a beta of 0.45. 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 firm has a 50 day moving average of C$30.53 and a two-hundred day moving average of C$28.57.

MEG Energy (TSE:MEG) last released its quarterly earnings results on Monday, November 10th. The company reported C$0.62 earnings per share for the quarter. MEG Energy had a return on equity of 11.06% and a net margin of 9.04%.The business had revenue of C$1.18 billion for the quarter. Research analysts predict that MEG Energy Corp. will post 2.2734628 EPS for the current fiscal year.

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.