MEG Energy (TSE:MEG) Shares Cross Below 200-Day Moving Average – What’s Next?

MEG Energy Corp. (TSE:MEG)’s share price crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$25.28 and traded as low as C$22.81. MEG Energy shares last traded at C$22.98, with a volume of 1,491,592 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on MEG shares. Desjardins upgraded MEG Energy from a “hold” rating to a “moderate buy” rating in a report on Tuesday, January 28th. ATB Capital decreased their target price on MEG Energy from C$37.00 to C$35.00 in a report on Wednesday, November 27th. Royal Bank of Canada decreased their target price on MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. National Bankshares upped their target price on MEG Energy from C$27.00 to C$28.00 and gave the company a “sector perform” rating in a report on Thursday, January 30th. Finally, TD Securities upped their target price on MEG Energy from C$35.00 to C$36.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of C$32.00.

MEG Energy Stock Performance

The stock has a market capitalization of C$5.96 billion, a PE ratio of 12.17, a PEG ratio of 0.17 and a beta of 2.89. The business has a 50 day moving average price of C$23.63 and a 200 day moving average price of C$25.28. The company has a debt-to-equity ratio of 22.80, a current ratio of 1.55 and a quick ratio of 1.17.

MEG Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Wednesday, January 15th were paid a $0.10 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.74%. MEG Energy’s dividend payout ratio is currently 21.19%.

Insider Transactions at MEG Energy

In other MEG Energy news, 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 bought at an average cost of C$23.06 per share, with a total value of C$195,993.00. Also, Director Kimberley Elizabeth Lynch Proctor acquired 3,500 shares of MEG Energy stock in a transaction that occurred on Thursday, November 28th. The stock was acquired at an average price of C$25.06 per share, with a total value of C$87,713.85. Over the last three months, insiders have purchased 12,805 shares of company stock valued at $303,669. 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.