Meren Energy Inc. (TSE:MER – Get Free Report)’s share price shot up 1.4% during mid-day trading on Friday. The company traded as high as C$2.16 and last traded at C$2.14. Approximately 356,821 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 839,998 shares. The stock had previously closed at C$2.11.
Analyst Ratings Changes
Separately, Scotiabank lowered shares of Meren Energy from a “strong-buy” rating to a “hold” rating and set a C$2.50 price target on the stock. in a research report on Friday, July 17th. Two research analysts have rated the stock with a Hold rating. According to data from MarketBeat.com, Meren Energy presently has a consensus rating of “Hold” and an average price target of C$2.50.
Read Our Latest Stock Report on MER
Meren Energy Trading Up 1.4%
The business has a 50-day moving average price of C$2.18 and a two-hundred day moving average price of C$2.19. The stock has a market capitalization of C$1.45 billion, a P/E ratio of -13.38 and a beta of 0.19.
Meren Energy (TSE:MER – Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The company reported C$0.07 EPS for the quarter. The company had revenue of C$279.47 million during the quarter.
Meren Energy Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, September 4th. Shareholders of record on Friday, September 4th were issued a $0.0371 dividend. This represents a $0.15 annualized dividend and a yield of 6.9%. The ex-dividend date of this dividend was Thursday, August 20th. Meren Energy’s dividend payout ratio (DPR) is currently -92.75%.
Meren Energy Company Profile
Meren is a full-cycle Independent upstream oil and gas company with interests offshore Nigeria, Namibia, South Africa and Equatorial Guinea. Its main assets are producing and development assets in deepwater Nigeria. The Company holds a leading position in the Orange Basin including its effective interest in the Venus light oil project, offshore Namibia, and its direct interest in Block 3B/4B, offshore South Africa.
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