MEG Energy (TSE:MEG) Stock Price Passes Below Two Hundred Day Moving Average – Should You Sell?

MEG Energy Corp. (TSE:MEG) shares passed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of C$28.66 and traded as low as C$27.67. MEG Energy shares last traded at C$27.84, with a volume of 1,550,760 shares traded.

Wall Street Analyst Weigh In

MEG has been the subject of several analyst reports. Jefferies Financial Group cut their price target 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 for the company in a research note on Wednesday, September 25th. National Bankshares decreased their price target on MEG Energy from C$35.00 to C$31.00 in a research report on Friday, September 27th. Royal Bank of Canada cut their price objective on MEG Energy from C$39.00 to C$35.00 in a research report on Tuesday, September 17th. Finally, BMO Capital Markets decreased their target price on MEG Energy from C$37.00 to C$34.00 in a report on Friday, October 4th. Six equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, MEG Energy presently has an average rating of “Moderate Buy” and a consensus target price of C$32.27.

MEG Energy Price Performance

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 stock has a market capitalization of C$7.50 billion, a P/E ratio of 13.26, a PEG ratio of 0.17 and a beta of 2.89. The company has a fifty day simple moving average of C$26.37 and a two-hundred day simple moving average of C$28.66.

MEG Energy (TSE:MEG) last posted its quarterly earnings results on Thursday, July 25th. The company reported C$0.86 earnings per share for the quarter, topping analysts’ consensus estimates of C$0.69 by C$0.17. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. The business had revenue of C$2.74 billion during the quarter, compared to the consensus estimate of C$1.28 billion. Sell-side analysts expect that MEG Energy Corp. will post 2.2734628 EPS for the current fiscal year.

MEG Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 15th will be given a $0.10 dividend. The ex-dividend date is Tuesday, September 17th. This represents a $0.40 annualized dividend and a dividend yield of 1.44%. MEG Energy’s dividend payout ratio is currently 19.05%.

Insider Buying and Selling

In related news, Director James D. Mcfarland bought 5,000 shares of MEG Energy stock in a transaction on Friday, August 30th. The shares were purchased at an average price of C$26.94 per share, for a total transaction of C$134,700.00. In other news, Director James D. Mcfarland bought 5,000 shares of the business’s stock in a transaction on Friday, August 30th. The shares were bought at an average cost of C$26.94 per share, for a total transaction of C$134,700.00. Also, Director Michael Mcallister purchased 7,400 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average cost of C$25.67 per share, with a total value of C$189,986.86. 0.33% of the stock is owned by insiders.

MEG Energy Company Profile

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.