MEG Energy (TSE:MEG) Stock Price Passes Below Two Hundred Day Moving Average – Here’s What Happened

MEG Energy Corp. (TSE:MEG)’s share price crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$24.56 and traded as low as C$22.68. MEG Energy shares last traded at C$22.81, with a volume of 3,419,420 shares traded.

Analyst Ratings Changes

A number of equities research analysts have weighed in on MEG shares. National Bankshares raised 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. Scotiabank upgraded shares of MEG Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. Desjardins lowered shares of MEG Energy from a “buy” rating to a “hold” rating and cut their price target for the stock from C$29.00 to C$26.50 in a report on Wednesday, March 19th. Royal Bank of Canada cut their target price on MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. Finally, TD Securities decreased their price target on MEG Energy from C$33.00 to C$32.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Five investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of C$30.95.

MEG Energy Stock Down 12.5 %

The company has a market cap of C$5.17 billion, a price-to-earnings ratio of 10.57, a P/E/G ratio of 0.17 and a beta of 2.89. The stock’s 50-day moving average is C$23.51 and its 200-day moving average is C$24.53. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 22.80.

MEG Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 15th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.01%. MEG Energy’s dividend payout ratio (DPR) is presently 21.19%.

Insider Activity at MEG Energy

In other MEG Energy news, Director Darlene Miriam Gates sold 91,584 shares of the firm’s stock in a transaction on Saturday, March 15th. The shares were sold at an average price of C$24.19, for a total value of C$2,215,416.96. Also, Senior Officer Erik Alexander Alson sold 32,728 shares of MEG Energy stock in a transaction dated Saturday, March 15th. The shares were sold at an average price of C$24.19, for a total transaction of C$791,690.32. 0.33% of the stock is currently owned by corporate insiders.

MEG Energy Company Profile

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.