Meren Energy (TSE:MER) Shares Down 0.5% – Here’s What Happened

Meren Energy Inc. (TSE:MER)’s stock price dropped 0.5% during mid-day trading on Thursday. The stock traded as low as C$2.07 and last traded at C$2.08. Approximately 371,451 shares were traded during trading, a decline of 58% from the average daily volume of 875,365 shares. The stock had previously closed at C$2.09.

Wall Street Analyst Weigh In

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

Meren Energy Price Performance

The firm’s fifty day moving average is C$2.17 and its two-hundred day moving average is C$2.21. The firm has a market capitalization of C$1.41 billion, a PE ratio of -13.06 and a beta of 0.36.

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

Meren Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 4th. Investors of record on Friday, September 4th were issued a dividend of $0.0371 per share. This represents a $0.15 dividend on an annualized basis and a yield of 7.1%. The ex-dividend date was Thursday, August 20th. Meren Energy’s dividend payout ratio (DPR) is -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.