MEG Energy (OTCMKTS:MEGEF) Shares Cross Above 50-Day Moving Average – Here’s What Happened

MEG Energy Corp. (OTCMKTS:MEGEF) crossed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $20.99 and traded as high as $22.1050. MEG Energy shares last traded at $21.96, with a volume of 22,880 shares changing hands.

Analyst Upgrades and Downgrades

Separately, TD Securities cut shares of MEG Energy to a “sell” rating in a research report on Tuesday, October 21st. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, MEG Energy presently has an average rating of “Reduce”.

MEG Energy Stock Performance

The company has a 50-day moving average of $20.99 and a two-hundred day moving average of $19.56.

MEG Energy Increases Dividend

The firm also recently announced a dividend, which was paid on Wednesday, October 15th. Stockholders of record on Monday, September 15th were given a $0.0796 dividend. The ex-dividend date of this dividend was Friday, September 12th. This represents a dividend yield of 156.0%. This is a boost from MEG Energy’s previous dividend of $0.07.

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.