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

MEG Energy Corp. (TSE:MEG) crossed above its 50 day moving average during trading on Friday . 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.

Analyst Ratings Changes

Separately, TD Securities downgraded MEG Energy from a “buy” rating to a “sell” rating and decreased their price target for the stock from C$30.00 to C$28.00 in a report on Wednesday, October 22nd. One analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of C$28.00.

MEG Energy Stock Up 0.7%

The company has a debt-to-equity ratio of 22.80, a quick ratio of 1.17 and a current ratio of 1.55. The stock’s 50 day simple moving average is C$30.89 and its 200 day simple moving average is C$29.15. The firm has a market cap of C$7.86 billion, a P/E ratio of 14.64, a price-to-earnings-growth ratio of 0.17 and a beta of 0.45.

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