Home / Market Movers / MEG Energy Corp. (MEG:CA) Pacing TSX Composite Energy Stocks with Gain of 3.26% at Noon on September 22

MEG Energy Corp. (MEG:CA) Pacing TSX Composite Energy Stocks with Gain of 3.26% at Noon on September 22

MEG Energy Corp. (MEG:CA) is one of the better performing stocks in energy sector of the S&P/TSX Composite Index on September 22, rising 3.26% to $5.38 at the lunch break after closing the day prior at $5.21. So far in the day, shares of MEG:CA traded as high as $5.4 and as low as $5.29. Today’s advance comes with about 854,308 shares changing hands, compared to an average 30-day volume of 1.68 million for MEG Energy Corp.. The price is currently below the 30-day volume weighted average price of $5.36 for MEG:CA.

The share appreciation gives the company a market capitalization of $1.18 billion based upon 226.36 million shares outstanding. It also means that MEG Energy Corp. has a price-to-book ratio of 0.32:1 and a price-to-earnings ratio of :1.

In the past 52 weeks, shares of MEG:CA have traded as low as $3.46 and as high as $13.15. Technical traders will take note that at $5.38, shares of MEG:CA are trading below their 200-day MA at $6.18 and below their 50-day MA at $5.83. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding above them is typically regarded as bullish.

Who is MEG Energy Corp.?

MEG Energy Corp is an oil sands company engaged in the development of oil sands in Alberta. The Company has two commercial SAGD projects; the Christina Lake Project and the Surmont Project. The company’s 627 employees are led by CEO William J. McCaffrey from the corporate headquarters at 800, 520 – 3rd Avenue S.W..

What is the S&P/TSX Composite Index?

Developed and managed by S&P Dow Jones Indices and launched in January 1977, the S&P/TSX Composite is the headline index for the Canadian equity market. Generally, when investors refer to movement in the Canadian markets, they are referring to the S&P/TSX Composite, as it is the broadest index in the S&P/TSX franchise. The index includes more than 230 of the biggest companies traded on the Toronto Stock Exchange, with financials making up the most heavily weighted sector in the index, followed by energy and materials. The Toronto Stock Exchange serves as the distributor of both real-time and historical data for this index.

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