MEG Energy (TSE:MEG) Stock Price Crosses Below 50 Day Moving Average of $29.76

MEG Energy Corp. (TSE:MEG)’s stock price passed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of C$29.76 and traded as low as C$28.99. MEG Energy shares last traded at C$29.27, with a volume of 813,314 shares.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. ATB Capital upped their target price on MEG Energy from C$32.00 to C$35.00 and gave the company an “outperform” rating in a research report on Wednesday, March 20th. Raymond James set a C$28.00 target price on shares of MEG Energy and gave the company a “market perform” rating in a report on Wednesday, May 29th. Desjardins increased their price target on shares of MEG Energy from C$30.00 to C$31.00 and gave the stock a “hold” rating in a research report on Friday, March 22nd. TD Securities upgraded shares of MEG Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, June 7th. Finally, BMO Capital Markets raised their target price on MEG Energy from C$35.00 to C$37.00 in a report on Thursday, March 28th. Seven equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of C$32.67.

MEG Energy Stock Up 0.8 %

The company has a market capitalization of C$7.98 billion, a price-to-earnings ratio of 14.21, a P/E/G ratio of 0.17 and a beta of 3.12. The company has a debt-to-equity ratio of 28.18, a current ratio of 1.41 and a quick ratio of 1.17. The firm’s fifty day moving average price is C$29.76 and its 200-day moving average price is C$28.07.

MEG Energy (TSE:MEG) last issued its quarterly earnings data on Monday, May 6th. The company reported C$0.36 earnings per share for the quarter, missing analysts’ consensus estimates of C$0.45 by C($0.09). The firm had revenue of C$1.36 billion for the quarter, compared to the consensus estimate of C$1.25 billion. MEG Energy had a return on equity of 13.20% and a net margin of 10.58%. Sell-side analysts expect that MEG Energy Corp. will post 2.4508333 earnings per share for the current fiscal year.

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.