MEG Energy (TSE:MEG) Shares Pass Above 50-Day Moving Average – Here’s Why

MEG Energy Corp. (TSE:MEG)’s share price crossed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of C$30.86 and traded as high as C$31.03. MEG Energy shares last traded at C$30.89, with a volume of 6,350,674 shares trading hands.

Analysts Set New Price Targets

A number of research analysts have issued reports on MEG shares. Atb Cap Markets downgraded shares of MEG Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 25th. TD Securities cut shares of MEG Energy from a “buy” rating to a “sell” rating and reduced their price target for the company from C$30.00 to C$28.00 in a research report on Wednesday, October 22nd. One analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of C$28.00.

MEG Energy Stock Performance

The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 22.80. The stock’s fifty day simple moving average is C$30.87 and its two-hundred day simple moving average is C$28.99. The firm has a market cap of C$7.86 billion, a PE ratio of 14.64, a PEG ratio of 0.17 and a beta of 0.45.

MEG Energy (TSE:MEG) last announced its quarterly earnings results on Monday, November 10th. The company reported C$0.62 earnings per share (EPS) for the quarter. The business had revenue of C$1.18 billion for the quarter. MEG Energy had a return on equity of 11.06% and a net margin of 9.04%. On average, sell-side analysts forecast that MEG Energy Corp. will post 2.2734628 EPS for the current fiscal year.

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.