MEG Energy (TSE:MEG) Stock Price Crosses Above Fifty Day Moving Average – Should You Sell?

MEG Energy Corp. (TSE:MEG) passed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of C$30.89 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.

Analyst Ratings Changes

Separately, TD Securities lowered MEG Energy from a “buy” rating to a “sell” rating and decreased their target price for the stock from C$30.00 to C$28.00 in a research report on Wednesday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of C$28.00.

MEG Energy Stock Performance

The firm has a market capitalization of C$7.86 billion, a P/E ratio of 14.64, a P/E/G ratio of 0.17 and a beta of 0.45. The stock has a 50 day simple moving average of C$30.89 and a 200-day simple moving average of C$29.17. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 22.80.

MEG Energy (TSE:MEG) last announced its earnings results on Monday, November 10th. The company reported C$0.62 earnings per share (EPS) for the quarter. The firm had revenue of C$1.18 billion for the quarter. MEG Energy had a net margin of 9.04% and a return on equity of 11.06%. On average, equities research 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.