MEG Energy (TSE:MEG) Shares Pass Above 50-Day Moving Average – Should You Sell?

Shares of MEG Energy Corp. (TSE:MEG) passed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of C$30.89 and traded as high as C$31.03. MEG Energy shares last traded at C$30.89, with a volume of 6,350,674 shares traded.

Analysts Set New Price Targets

Separately, TD Securities lowered MEG Energy from a “buy” rating to a “sell” rating and cut their target price for the company from C$30.00 to C$28.00 in a research report on Wednesday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of C$28.00.

MEG Energy Stock Up 0.7%

The stock has a market cap of C$7.86 billion, a price-to-earnings ratio of 14.64, a price-to-earnings-growth ratio of 0.17 and a beta of 0.45. The firm’s fifty day moving average price is C$30.89 and its two-hundred day moving average price is C$29.39. The company has a debt-to-equity ratio of 22.80, a current ratio of 1.55 and a quick ratio of 1.17.

MEG Energy (TSE:MEG) last issued its earnings results on Monday, November 10th. The company reported C$0.62 EPS for the quarter. The business had revenue of C$1.18 billion during the quarter. MEG Energy had a return on equity of 11.06% and a net margin of 9.04%. Sell-side analysts forecast that MEG Energy Corp. will post 2.2734628 earnings per share 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.