MEG Energy (OTCMKTS:MEGEF) Stock Passes Above Fifty Day Moving Average – Here’s What Happened

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

Analysts Set New Price Targets

Separately, TD Securities lowered MEG Energy to a “sell” rating in a research note 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 Up 0.0%

The business has a 50 day simple moving average of $21.96 and a two-hundred day simple moving average of $20.82.

MEG Energy Company Profile

MEG Energy is an independent Canadian oil sands company headquartered in Calgary, Alberta. The company’s principal operations center on the development and production of bitumen through steam-assisted gravity drainage (SAGD) technology. MEG Energy’s flagship asset is the Christina Lake project in northeast Alberta, where it produces and upgrades bitumen into synthetic crude oil for sale to North American refineries.

Christina Lake is developed in multiple phases, each designed to optimize thermal efficiency and maintain strong environmental controls.