MEG Energy (TSE:MEG) Shares Cross Above 50 Day Moving Average Following Analyst Downgrade

MEG Energy Corp. (TSE:MEG) crossed above its fifty day moving average during trading on Wednesday after Scotiabank upgraded the stock to a strong-buy rating. The stock has a fifty day moving average of C$28.54 and traded as high as C$29.18. MEG Energy shares last traded at C$29.08, with a volume of 1,012,056 shares changing hands.

A number of other equities research analysts also recently weighed in on MEG. TD Securities decreased their target price on MEG Energy from C$33.00 to C$32.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Royal Bank Of Canada reduced their price objective on MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. ATB Capital lowered their price objective on shares of MEG Energy from C$37.00 to C$35.00 in a research report on Wednesday, November 27th. National Bankshares upped their target price on shares of MEG Energy from C$27.00 to C$28.00 and gave the stock a “sector perform” rating in a research note on Thursday, January 30th. Finally, Desjardins downgraded shares of MEG Energy from a “buy” rating to a “hold” rating and reduced their price objective for the stock from C$29.00 to C$26.50 in a research note on Wednesday, March 19th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, MEG Energy currently has an average rating of “Hold” and a consensus target price of C$29.67.

MEG Energy Stock Up 0.3%

The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 22.80. The stock’s 50-day simple moving average is C$28.54 and its 200-day simple moving average is C$25.61. The firm has a market capitalization of C$7.40 billion, a P/E ratio of 13.91, a P/E/G ratio of 0.17 and a beta of 0.72.

MEG Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Wednesday, October 15th were paid a $0.11 dividend. The ex-dividend date was Friday, September 12th. This is a positive change from MEG Energy’s previous quarterly dividend of $0.10. This represents a $0.44 dividend on an annualized basis and a yield of 1.5%. MEG Energy’s dividend payout ratio is presently 19.14%.

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.