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

MEG Energy Corp. (TSE:MEG)’s share price passed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of C$29.56 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 trading hands.

Analyst Upgrades and Downgrades

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

MEG Energy Stock Up 0.7%

The firm has a 50 day moving average of C$29.56 and a two-hundred day moving average of C$27.47. The stock has a market capitalization of C$7.86 billion, a PE ratio of 14.64, a P/E/G ratio of 0.17 and a beta of 0.45. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 22.80.

MEG Energy (TSE:MEG) last posted its 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 company had revenue of C$1.18 billion for the quarter. Equities research analysts anticipate that MEG Energy Corp. will post 2.2734628 earnings per share for the current year.

MEG Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Wednesday, October 15th were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend was Friday, September 12th. This is a positive change from MEG Energy’s previous quarterly dividend of $0.10. MEG Energy’s dividend payout ratio is currently 19.43%.

MEG Energy Company Profile

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.