Meren Energy (TSE:MER) Announces Earnings Results

Meren Energy (TSE:MER) issued its quarterly earnings results on Tuesday. The company reported C$0.04 earnings per share (EPS) for the quarter, FiscalAI reports. The business had revenue of C$273.90 million for the quarter.

Meren Energy Stock Up 0.5%

Shares of TSE MER traded up C$0.01 during trading on Thursday, hitting C$1.89. The company had a trading volume of 1,126,277 shares, compared to its average volume of 827,388. The firm has a market capitalization of C$1.28 billion, a price-to-earnings ratio of -11.81 and a beta of 0.12. The stock has a fifty day simple moving average of C$2.12 and a two-hundred day simple moving average of C$2.18. Meren Energy has a fifty-two week low of C$1.67 and a fifty-two week high of C$2.58.

Meren Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 4th. Stockholders of record on Friday, September 4th were given a $0.0371 dividend. The ex-dividend date was Thursday, August 20th. This represents a $0.15 annualized dividend and a dividend yield of 7.9%. Meren Energy’s dividend payout ratio (DPR) is -92.75%.

Analyst Ratings Changes

Separately, Scotiabank cut Meren Energy from a “strong-buy” rating to a “hold” rating and set a C$2.50 price objective for the company. in a research report on Friday, July 17th. Two investment analysts have rated the stock with a Hold rating. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of C$2.50.

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.