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

MEG Energy Corp. (TSE:MEG) shares crossed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of C$28.29 and traded as low as C$25.71. MEG Energy shares last traded at C$26.07, with a volume of 1,074,849 shares.

Analysts Set New Price Targets

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

MEG Energy Stock Performance

The company has a market cap of C$7.03 billion, a PE ratio of 12.41, 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. The business’s fifty day moving average is C$26.23 and its 200-day moving average is C$28.29.

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

MEG Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 15th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend was Tuesday, September 17th. MEG Energy’s dividend payout ratio is presently 19.05%.

Insider Transactions at MEG Energy

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

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.