MEG Energy (TSE:MEG) Shares Pass Above 50 Day Moving Average – What’s Next?

MEG Energy Corp. (TSE:MEG) shares crossed above its 50-day moving average during trading on Wednesday . 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.

Wall Street Analyst Weigh In

Separately, TD Securities downgraded 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 equities research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of C$28.00.

MEG Energy Trading Up 0.7%

The company has a 50 day simple moving average of C$30.89 and a 200 day simple moving average of C$29.69. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 22.80. The stock has a market capitalization of C$7.86 billion, a PE ratio of 14.64, a P/E/G ratio of 0.17 and a beta of 0.45.

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.