MEG Energy (TSE:MEG) Shares Cross Below 200-Day Moving Average – Time to Sell?

MEG Energy Corp. (TSE:MEG) shares crossed below its 200-day moving average during trading on Friday . The stock has a 200-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.

Analyst Ratings Changes

Several equities analysts have weighed in on MEG shares. Royal Bank of Canada cut their target price on MEG Energy from C$39.00 to C$35.00 in a report on Tuesday, September 17th. National Bankshares lowered their price target on MEG Energy from C$35.00 to C$31.00 in a research note on Friday, September 27th. Scotiabank upgraded shares of MEG Energy from a “sector perform” rating to an “outperform” rating and set a C$35.00 price target for the company in a research note on Wednesday, September 25th. BMO Capital Markets cut their price target on shares of MEG Energy from C$37.00 to C$34.00 in a report on Friday, October 4th. Finally, Jefferies Financial Group decreased their target price on MEG Energy from C$32.00 to C$26.00 and set a “hold” rating on the stock in a report on Monday, September 16th. Six research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of C$32.27.

MEG Energy Stock Performance

The company has a quick ratio of 1.17, a current ratio of 1.54 and a debt-to-equity ratio of 26.35. The company’s 50 day moving average is C$26.35 and its 200-day moving average is C$28.65. The firm has a market capitalization of C$7.50 billion, a P/E ratio of 13.26, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89.

MEG Energy (TSE:MEG) last posted its quarterly earnings data on Thursday, July 25th. The company reported C$0.86 EPS for the quarter, beating the consensus estimate of C$0.69 by C$0.17. The firm had revenue of C$2.74 billion during the quarter, compared to analyst estimates of C$1.28 billion. MEG Energy had a net margin of 10.43% and a return on equity of 12.99%. As a group, equities analysts anticipate that MEG Energy Corp. will post 2.2734628 EPS for the current year.

MEG Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 15th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend 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 (DPR) is 19.05%.

Insider Buying and Selling

In other MEG Energy news, Director Michael Mcallister bought 7,400 shares of MEG Energy stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought 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 purchased 5,000 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were purchased at an average cost of C$26.94 per share, with a total value of C$134,700.00. Also, Director Michael Mcallister bought 7,400 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was bought 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 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.