MEG Energy (OTCMKTS:MEGEF) Stock Price Passes Above 50-Day Moving Average – Here’s What Happened

MEG Energy Corp. (OTCMKTS:MEGEF)’s stock price crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $21.96 and traded as high as $22.1050. MEG Energy shares last traded at $21.96, with a volume of 22,880 shares.

Analyst Upgrades and Downgrades

Separately, TD Securities lowered shares of MEG Energy to a “sell” rating in a report on Tuesday, October 21st. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, MEG Energy has an average rating of “Reduce”.

MEG Energy Trading Up 0.0%

The company has a fifty day simple moving average of $21.96 and a 200 day simple moving average of $20.80.

About MEG Energy

MEG Energy is an independent Canadian oil sands company headquartered in Calgary, Alberta. The company’s principal operations center on the development and production of bitumen through steam-assisted gravity drainage (SAGD) technology. MEG Energy’s flagship asset is the Christina Lake project in northeast Alberta, where it produces and upgrades bitumen into synthetic crude oil for sale to North American refineries.

Christina Lake is developed in multiple phases, each designed to optimize thermal efficiency and maintain strong environmental controls.