Meren Energy (TSE:MER) Announces Quarterly Earnings Results

Meren Energy (TSE:MER) announced its quarterly earnings data on Tuesday. The company reported C$0.07 earnings per share for the quarter, FiscalAI reports. The company had revenue of C$279.47 million during the quarter.

Meren Energy Stock Performance

Meren Energy stock traded down C$0.01 on Tuesday, hitting C$2.06. 713,009 shares of the stock traded hands, compared to its average volume of 825,792. Meren Energy has a 1 year low of C$1.65 and a 1 year high of C$2.58. The stock has a market capitalization of C$1.39 billion, a price-to-earnings ratio of -9.36 and a beta of 0.23. The firm has a fifty day moving average of C$2.04.

Wall Street Analysts Forecast Growth

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

About Meren Energy

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.