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

MEG Energy Corp. (TSE:MEG)’s share price crossed above its fifty day moving average during trading on Wednesday . The stock has a fifty 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 objective for the company from C$30.00 to C$28.00 in a research report on Wednesday, October 22nd. One analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of C$28.00.

MEG Energy Stock Up 0.7%

The company has a debt-to-equity ratio of 22.80, a quick ratio of 1.17 and a current ratio of 1.55. The company has a market capitalization of C$7.86 billion, a PE ratio of 14.64, a price-to-earnings-growth ratio of 0.17 and a beta of 0.45. The firm’s 50-day simple moving average is C$30.89 and its 200 day simple moving average is C$29.69.

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.