MEG Energy (OTCMKTS:MEGEF) Shares Cross Below 50 Day Moving Average – Here’s Why

MEG Energy Corp. (OTCMKTS:MEGEF)’s stock price crossed below its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $21.96 and traded as low as $21.96. MEG Energy shares last traded at $21.96, with a volume of 22,880 shares changing hands.

Analysts Set New Price Targets

Separately, TD Securities cut MEG Energy to a “sell” rating in a research report on Tuesday, October 21st. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce”.

MEG Energy Trading Up 0.0%

The firm’s 50-day moving average price is $21.96 and its 200-day moving average price is $21.01.

About MEG Energy

MEG Energy is an independent Canadian oil sands company headquartered in Calgary, Alberta. The company’s principal operations center on the development and production of bitumen through steam-assisted gravity drainage (SAGD) technology. MEG Energy’s flagship asset is the Christina Lake project in northeast Alberta, where it produces and upgrades bitumen into synthetic crude oil for sale to North American refineries.

Christina Lake is developed in multiple phases, each designed to optimize thermal efficiency and maintain strong environmental controls.