MEG Energy (TSE:MEG) Shares Pass Above 50-Day Moving Average – Should You Sell?

Shares of MEG Energy Corp. (TSE:MEG) crossed above its 50 day moving average during trading on Monday . 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 trading hands.

Wall Street Analyst Weigh In

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

MEG Energy Stock Performance

The company has a 50-day moving average of C$30.89 and a 200-day moving average of C$29.39. The company 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. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 22.80.

MEG Energy (TSE:MEG) last issued its quarterly earnings data on Monday, November 10th. The company reported C$0.62 earnings per share for the quarter. MEG Energy had a return on equity of 11.06% and a net margin of 9.04%.The business had revenue of C$1.18 billion for the quarter. As a group, analysts anticipate that MEG Energy Corp. will post 2.2734628 earnings per share for the current 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.