MEG Energy (TSE:MEG) Share Price Passes Above 50-Day Moving Average – Should You Sell?

MEG Energy Corp. (TSE:MEG) crossed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of C$30.89 and traded as high as C$31.03. MEG Energy shares last traded at C$30.89, with a volume of 6,350,674 shares.

Analyst Ratings Changes

Separately, TD Securities lowered shares of MEG Energy from a “buy” rating to a “sell” rating and dropped their price objective for the company from C$30.00 to C$28.00 in a report on Wednesday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of C$28.00.

MEG Energy Stock Performance

The company’s 50 day simple moving average is C$30.89 and its 200 day simple moving average is C$29.56. The stock has a market cap of C$7.86 billion, a PE ratio of 14.64, a price-to-earnings-growth ratio of 0.17 and a beta of 0.45. The company has a debt-to-equity ratio of 22.80, a quick ratio of 1.17 and a current ratio of 1.55.

MEG Energy (TSE:MEG) last released its earnings results on Monday, November 10th. The company reported C$0.62 EPS for the quarter. The company had revenue of C$1.18 billion for the quarter. MEG Energy had a return on equity of 11.06% and a net margin of 9.04%. Analysts expect that MEG Energy Corp. will post 2.2734628 earnings per share for the current year.

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.