MEG Energy (OTCMKTS:MEGEF) Shares Pass Above 50-Day Moving Average of $15.92

Shares of MEG Energy Corp. (OTCMKTS:MEGEF – Get Rating) passed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $15.92 and traded as high as $16.95. MEG Energy shares last traded at $15.85, with a volume of 343,922 shares traded.

A number of analysts recently commented on MEGEF shares. Scotiabank lowered MEG Energy from an “outperform” rating to a “sector perform” rating in a research report on Wednesday, June 8th. BMO Capital Markets boosted their target price on MEG Energy from C$22.00 to C$25.00 in a research report on Tuesday, May 3rd. Royal Bank of Canada boosted their target price on MEG Energy from C$21.00 to C$22.00 in a research report on Wednesday, May 4th. TD Securities boosted their target price on MEG Energy from C$21.00 to C$23.00 in a research report on Tuesday, May 3rd. Finally, CIBC boosted their target price on MEG Energy from C$20.00 to C$23.00 in a research report on Thursday, April 14th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $20.83.

The business’s 50-day moving average price is $15.92 and its 200 day moving average price is $13.12.

About MEG Energy (OTCMKTS:MEGEF)

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 owns a 100% interest in approximately 410 square miles of mineral leases. It also 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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