MEG Energy (TSE:MEG) Share Price Crosses Above 50-Day Moving Average – Should You Sell?

MEG Energy Corp. (TSE:MEG) passed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of C$21.86 and traded as high as C$25.30. MEG Energy shares last traded at C$25.03, with a volume of 1,224,416 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. TD Securities decreased their price objective on shares of MEG Energy from C$33.00 to C$32.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Desjardins downgraded shares of MEG Energy from a “buy” rating to a “hold” rating and decreased their price objective for the company from C$29.00 to C$26.50 in a research note on Wednesday, March 19th. CIBC decreased their price objective on shares of MEG Energy from C$32.00 to C$28.00 in a research note on Thursday, April 10th. Finally, Scotiabank upgraded shares of MEG Energy to a “strong-buy” rating in a research note on Wednesday, March 19th. Three investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of C$30.61.

MEG Energy Stock Up 0.2%

The firm has a market cap of C$6.49 billion, a price-to-earnings ratio of 13.26, a P/E/G ratio of 0.17 and a beta of 2.89. The firm’s 50 day moving average price is C$21.86 and its two-hundred day moving average price is C$23.15. The company has a debt-to-equity ratio of 22.80, a current ratio of 1.55 and a quick ratio of 1.17.

MEG Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 15th were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, March 20th. This represents a $0.40 annualized dividend and a yield of 1.60%. MEG Energy’s dividend payout ratio is currently 21.19%.

Insider Activity

In other MEG Energy news, Senior Officer Erik Alexander Alson sold 32,728 shares of MEG Energy stock in a transaction on Saturday, March 15th. The shares were sold at an average price of C$24.19, for a total value of C$791,690.32. Also, Director Darlene Miriam Gates sold 91,584 shares of MEG Energy stock in a transaction on Saturday, March 15th. The shares were sold at an average price of C$24.19, for a total transaction of C$2,215,416.96. Insiders own 0.33% of the company’s stock.

About MEG Energy

MEG Energy is engaged in in situ oil sands development and production in Alberta, Canada. As of March 2021, the company reported estimated net proved and probable reserves of 2 billion barrels of oil equivalent. Net production averaged 82,000 barrels per day in 2020.