MEG Energy (TSE:MEG) Stock Crosses Below 200-Day Moving Average - Here's Why

Shares of MEG Energy Corp. (TSE:MEG - Get Free Report) passed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of C$28.66 and traded as low as C$27.67. MEG Energy shares last traded at C$27.84, with a volume of 1,550,760 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. National Bankshares dropped 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 dropped their price objective on MEG Energy from C$39.00 to C$35.00 in a research note on Tuesday, September 17th. BMO Capital Markets decreased their target price on MEG Energy from C$37.00 to C$34.00 in a research note on Friday, October 4th. Jefferies Financial Group cut their price objective on shares of MEG Energy from C$32.00 to C$26.00 and set a "hold" rating for the company in a report on Monday, September 16th. Finally, Scotiabank upgraded shares of MEG Energy from a "sector perform" rating to an "outperform" rating and set a C$35.00 target price for the company in a research report on Wednesday, September 25th. Six investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, MEG Energy currently has a consensus rating of "Moderate Buy" and a consensus target price of C$32.27.

MEG Energy Trading Down 0.6 %

The company has a 50-day moving average price of C$26.35 and a two-hundred day moving average price of C$28.65. The stock has a market cap of C$7.50 billion, a P/E ratio of 13.26, a P/E/G ratio of 0.17 and a beta of 2.89. The company has a current ratio of 1.54, a quick ratio of 1.17 and a debt-to-equity ratio of 26.35.

MEG Energy (TSE:MEG - Get Free Report) last released its quarterly earnings results on Thursday, July 25th. The company reported C$0.86 EPS for the quarter, topping analysts' consensus estimates of C$0.69 by C$0.17. The firm had revenue of C$2.74 billion during the quarter, compared to analysts' expectations of C$1.28 billion. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. On average, research analysts expect 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 Tuesday, October 15th. Shareholders of record on Tuesday, October 15th will be paid a $0.10 dividend. The ex-dividend date is Tuesday, September 17th. This represents a $0.40 dividend on an annualized basis and a yield of 1.44%. MEG Energy's dividend payout ratio is currently 19.05%.

Insiders Place Their Bets

In other MEG Energy news, Director Michael Mcallister bought 7,400 shares of the business's stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average price of C$25.67 per share, with a total value of C$189,986.86. In related news, Director James D. Mcfarland acquired 5,000 shares of the firm's stock in a transaction that occurred on Friday, August 30th. The stock was purchased at an average cost of C$26.94 per share, with a total value of C$134,700.00. Also, Director Michael Mcallister acquired 7,400 shares of the business's stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average cost of C$25.67 per share, for a total transaction of C$189,986.86. 0.33% of the stock is currently owned by company insiders.

MEG Energy Company Profile

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.