MEG Energy (TSE:MEG) Stock Passes Below 50 Day Moving Average – What’s Next?

MEG Energy Corp. (TSE:MEG) passed below its 50 day moving average during trading on Tuesday . The stock has a 50 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 traded.

Analysts Set New Price Targets

MEG has been the subject of a number of recent analyst reports. TD Securities raised their price objective on MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. ATB Capital cut their price target on MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. Royal Bank of Canada decreased their price objective on shares of MEG Energy from C$34.00 to C$33.00 in a report on Wednesday, November 27th. BMO Capital Markets dropped their price objective on shares of MEG Energy from C$37.00 to C$34.00 in a research report on Friday, October 4th. Finally, Scotiabank raised shares of MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 target price for the company in a report on Wednesday, September 25th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of C$32.45.

MEG Energy Stock Up 1.6 %

The company has a current ratio of 1.54, a quick ratio of 1.17 and a debt-to-equity ratio of 26.35. The firm has a market cap of C$6.64 billion, a price-to-earnings ratio of 11.73, a PEG ratio of 0.17 and a beta of 2.89. The firm’s 50 day simple moving average is C$24.61 and its two-hundred day simple moving average is C$26.16.

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 analysts’ consensus estimates of C$0.63 by C($0.01). The business had revenue of C$1.27 billion during the quarter, compared to analyst estimates of C$1.33 billion. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. On average, equities analysts forecast that MEG Energy Corp. will post 2.2734628 EPS for the current year.

MEG Energy Announces Dividend

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

Insider Buying and Selling

In other MEG Energy news, Director Kimberley Elizabeth Lynch Proctor purchased 3,500 shares of the firm’s stock in a transaction dated Thursday, November 28th. The shares were bought at an average price of C$25.06 per share, for a total transaction of C$87,713.85. Also, Director Robert Ross Rooney acquired 8,500 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were acquired at an average price of C$23.06 per share, with a total value of C$195,993.00. Over the last quarter, insiders have purchased 12,805 shares of company stock worth $303,669. Company insiders own 0.33% of the company’s stock.

About MEG Energy

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.