Meren Energy (TSE:MER) Trading Up 1.8% – What’s Next?

Shares of Meren Energy Inc. (TSE:MER) traded up 1.8% on Wednesday . The company traded as high as C$2.31 and last traded at C$2.29. Approximately 637,231 shares changed hands during trading, a decline of 29% from the average daily volume of 895,707 shares. The stock had previously closed at C$2.25.

Wall Street Analyst Weigh In

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

Meren Energy Price Performance

The company has a market cap of C$1.56 billion, a price-to-earnings ratio of -14.37 and a beta of 0.36. The company has a 50 day simple moving average of C$2.13.

Meren Energy (TSE:MER) last released its earnings results on Tuesday, August 11th. The company reported C$0.07 earnings per share (EPS) for the quarter. The firm had revenue of C$279.47 million during the quarter.

Meren Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 4th. Stockholders of record on Friday, September 4th were issued a $0.0371 dividend. The ex-dividend date of this dividend was Thursday, August 20th. This represents a $0.15 dividend on an annualized basis and a dividend yield of 6.5%. Meren Energy’s dividend payout ratio 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.