MEG Energy (TSE:MEG) Stock Crosses Above Fifty Day Moving Average - Here's What Happened

MEG Energy Corp. (TSE:MEG - Get Free Report)'s stock price crossed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of C$23.82 and traded as high as C$24.09. MEG Energy shares last traded at C$23.02, with a volume of 2,890,990 shares changing hands.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. National Bankshares increased their target price on MEG Energy from C$27.00 to C$28.00 and gave the company a "sector perform" rating in a report on Thursday, January 30th. Desjardins raised MEG Energy from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, January 28th. 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 note on Wednesday, November 6th. ATB Capital reduced their price target on shares of MEG Energy from C$37.00 to C$35.00 in a research report on Wednesday, November 27th. Finally, Royal Bank of Canada decreased their price target on shares of MEG Energy from C$33.00 to C$31.00 in a report on Tuesday, January 14th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of C$32.00.

MEG Energy Price Performance

The company's 50-day simple moving average is C$23.82 and its 200 day simple moving average is C$25.47. The company has a market capitalization of C$6.20 billion, a P/E ratio of 10.96, a P/E/G ratio of 0.17 and a beta of 2.89. The company has a quick ratio of 1.17, a current ratio of 1.54 and a debt-to-equity ratio of 26.35.

MEG Energy (TSE:MEG - Get Free Report) last posted its earnings results on Tuesday, November 5th. The company reported C$0.62 EPS for the quarter, missing the consensus estimate of C$0.63 by C($0.01). MEG Energy had a return on equity of 12.99% and a net margin of 10.43%. The business had revenue of C$1.27 billion for the quarter, compared to analyst estimates of C$1.33 billion. As a group, sell-side analysts expect that MEG Energy Corp. will post 2.2734628 earnings per share for the current fiscal year.

MEG Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Wednesday, January 15th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date was Monday, December 16th. MEG Energy's payout ratio is 19.05%.

Insiders Place Their Bets

In other MEG Energy news, Director Robert Ross Rooney acquired 8,500 shares of the business's stock in a transaction that occurred on Wednesday, December 18th. The stock was 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 bought 3,500 shares of the stock in a transaction on Thursday, November 28th. The stock was acquired at an average cost of C$25.06 per share, for a total transaction of C$87,713.85. Insiders purchased 12,805 shares of company stock valued at $303,669 over the last 90 days. 0.33% of the stock is currently 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.

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