MEG Energy (TSE:MEG) Shares Pass Below Fifty Day Moving Average – Time to Sell?

Shares of MEG Energy Corp. (TSE:MEG) crossed 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.

Wall Street Analyst Weigh In

A number of brokerages have commented on MEG. National Bankshares decreased their price objective on MEG Energy from C$35.00 to C$31.00 in a research report on Friday, September 27th. TD Securities boosted their price objective on MEG Energy from C$35.00 to C$36.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Royal Bank of Canada reduced their target price on shares of MEG Energy from C$34.00 to C$33.00 in a research note on Wednesday, November 27th. Scotiabank raised shares of MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price target for the company in a research note on Wednesday, September 25th. Finally, Jefferies Financial Group cut their price objective on shares of MEG Energy from C$32.00 to C$26.00 and set a “hold” rating on the stock in a report on Monday, September 16th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of C$32.45.

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 firm has a market cap of C$6.64 billion, a price-to-earnings ratio of 11.73, a P/E/G ratio of 0.17 and a beta of 2.89. The company has a 50 day moving average of C$24.61 and a 200 day moving average of C$26.16.

MEG Energy (TSE:MEG) last issued its quarterly earnings data on Tuesday, November 5th. The company reported C$0.62 earnings per share (EPS) for the quarter, missing the consensus estimate 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%. Equities research analysts predict that MEG Energy Corp. will post 2.2734628 EPS for the current fiscal year.

MEG Energy Announces Dividend

The company also recently disclosed 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 annualized dividend and a dividend yield of 1.62%. MEG Energy’s dividend payout ratio is currently 19.05%.

Insider Activity at MEG Energy

In related news, Director Robert Ross Rooney bought 8,500 shares of the 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. Also, Director Kimberley Elizabeth Lynch Proctor purchased 3,500 shares of MEG Energy stock in a transaction that occurred on Thursday, November 28th. The shares were bought at an average cost of C$25.06 per share, with a total value of C$87,713.85. In the last quarter, insiders have bought 12,805 shares of company stock valued at $303,669. 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.