MEG Energy (TSE:MEG) Stock Passes Below 200-Day Moving Average - Here's What Happened

Shares of MEG Energy Corp. (TSE:MEG - Get Free Report) crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$26.87 and traded as low as C$23.51. MEG Energy shares last traded at C$23.73, with a volume of 2,046,681 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MEG. TD Securities lifted their target price on MEG Energy from C$35.00 to C$36.00 and gave the company a "buy" rating in a research report on Wednesday, November 6th. BMO Capital Markets lowered their price objective on shares of MEG Energy from C$37.00 to C$34.00 in a report on Friday, October 4th. National Bankshares reduced their target price on shares of MEG Energy from C$35.00 to C$31.00 in a report on Friday, September 27th. Royal Bank of Canada decreased their target price on shares of MEG Energy from C$34.00 to C$33.00 in a research report on Wednesday, November 27th. Finally, ATB Capital cut their price target on shares of MEG Energy from C$37.00 to C$35.00 in a research report on Wednesday, November 27th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of C$32.45.

MEG Energy Stock Performance

The company has a market capitalization of C$6.40 billion, a P/E ratio of 11.30, a PEG ratio of 0.17 and a beta of 2.89. The stock's fifty day moving average price is C$25.79 and its 200-day moving average price is C$26.83. The company has a debt-to-equity ratio of 26.35, a quick ratio of 1.17 and a current ratio of 1.54.

MEG Energy (TSE:MEG - Get Free Report) last released 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). MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. The business had revenue of C$1.27 billion during the quarter, compared to the consensus estimate of C$1.33 billion. As a group, research analysts anticipate that MEG Energy Corp. will post 2.2734628 EPS for the current fiscal year.

MEG Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Wednesday, January 15th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date of this dividend is Monday, December 16th. MEG Energy's dividend payout ratio is presently 19.05%.

Insider Activity at MEG Energy

In other news, Director Kimberley Elizabeth Lynch Proctor acquired 3,500 shares of the stock in a transaction on Thursday, November 28th. The shares were purchased at an average price of C$25.06 per share, for a total transaction of C$87,713.85. 0.33% of the stock is owned by company insiders.

About MEG Energy

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.