MEG Energy (TSE:MEG) Share Price Crosses Below 200-Day Moving Average – Here’s What Happened

Shares of MEG Energy Corp. (TSE:MEG) passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$26.87 and traded as low as C$23.51. MEG Energy shares last traded at C$23.73, with a volume of 2,046,681 shares.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MEG. Royal Bank of Canada reduced their target price on MEG Energy from C$34.00 to C$33.00 in a research note on Wednesday, November 27th. Jefferies Financial Group decreased their price objective on shares of MEG Energy from C$32.00 to C$26.00 and set a “hold” rating for the company in a report on Monday, September 16th. Scotiabank upgraded shares of MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 target price on the stock in a research note on Wednesday, September 25th. BMO Capital Markets decreased their price target on MEG Energy from C$37.00 to C$34.00 in a research note on Friday, October 4th. Finally, National Bankshares cut their price objective on MEG Energy from C$35.00 to C$31.00 in a research note on Friday, September 27th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, MEG Energy has an average rating of “Moderate Buy” and a consensus target price of C$32.45.

MEG Energy Trading Down 0.3 %

The firm has a market cap of C$6.40 billion, a P/E ratio of 11.30, a P/E/G ratio of 0.17 and a beta of 2.89. The company has a debt-to-equity ratio of 26.35, a quick ratio of 1.17 and a current ratio of 1.54. The firm has a fifty day moving average of C$25.79 and a 200-day moving average of C$26.83.

MEG Energy (TSE:MEG) last posted its earnings results on Tuesday, November 5th. The company reported C$0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C$0.63 by C($0.01). MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. The company had revenue of C$1.27 billion during the quarter, compared to the consensus estimate of C$1.33 billion. Equities research analysts forecast that MEG Energy Corp. will post 2.2734628 earnings per share for the current year.

MEG Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Wednesday, January 15th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend is Monday, December 16th. MEG Energy’s payout ratio is 19.05%.

Insiders Place Their Bets

In other MEG Energy news, Director Kimberley Elizabeth Lynch Proctor purchased 3,500 shares of MEG Energy stock in a transaction on Thursday, November 28th. The stock was bought at an average price of C$25.06 per share, for a total transaction of C$87,713.85. 0.33% of the stock is owned by insiders.

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.