MEG Energy (TSE:MEG) Stock Price Passes Above 50-Day Moving Average of $24.25

MEG Energy Corp. (TSE:MEGGet Free Report)’s stock price passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of C$24.25 and traded as high as C$25.88. MEG Energy shares last traded at C$25.42, with a volume of 1,638,919 shares traded.

Wall Street Analysts Forecast Growth

MEG has been the subject of several research reports. Scotiabank lowered MEG Energy from an “outperform” rating to a “sector perform” rating and set a C$27.00 target price for the company. in a research report on Tuesday, November 28th. CIBC decreased their target price on MEG Energy from C$27.00 to C$26.00 and set a “neutral” rating for the company in a research report on Tuesday, January 16th. National Bankshares decreased their target price on MEG Energy from C$31.00 to C$30.00 and set an “outperform” rating for the company in a research report on Wednesday, January 10th. Royal Bank of Canada increased their target price on MEG Energy from C$31.00 to C$33.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 8th. Finally, BMO Capital Markets cut their price target on MEG Energy from C$31.00 to C$30.00 in a research note on Tuesday, December 12th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of C$29.05.

Read Our Latest Report on MEG

MEG Energy Trading Down 1.5 %

The firm has a market cap of C$7.15 billion, a P/E ratio of 11.82, a price-to-earnings-growth ratio of 0.17 and a beta of 2.76. The stock has a fifty day simple moving average of C$24.25 and a 200 day simple moving average of C$24.94. The company has a debt-to-equity ratio of 33.51, a quick ratio of 1.17 and a current ratio of 1.79.

MEG Energy (TSE:MEGGet Free Report) last posted its earnings results on Monday, November 6th. The company reported C$0.86 EPS for the quarter, missing analysts’ consensus estimates of C$0.95 by C($0.09). The business had revenue of C$1.44 billion during the quarter, compared to the consensus estimate of C$1.40 billion. MEG Energy had a return on equity of 13.80% and a net margin of 11.05%. On average, research analysts expect that MEG Energy Corp. will post 2.6026345 earnings per share for the current fiscal year.

About MEG Energy

(Get Free Report)

MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production 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.

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