Meren Energy (TSE:MER) Posts Earnings Results

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

Meren Energy Stock Down 2.1%

TSE MER traded down C$0.04 during trading hours on Thursday, hitting C$1.84. 827,227 shares of the company were exchanged, compared to its average volume of 827,141. Meren Energy has a 52 week low of C$1.67 and a 52 week high of C$2.58. The stock has a 50-day moving average price of C$2.12 and a 200 day moving average price of C$2.18. The stock has a market cap of C$1.24 billion, a PE ratio of -11.50 and a beta of 0.12.

Meren Energy Announces Dividend

The firm also recently announced 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 was Thursday, August 20th. This represents a $0.15 dividend on an annualized basis and a dividend yield of 8.1%. Meren Energy’s payout ratio is -92.75%.

Analyst Ratings Changes

Separately, Scotiabank downgraded 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 report on Friday, July 17th. Two equities research analysts have rated the stock with a Hold rating. According to data from MarketBeat, Meren Energy has a consensus rating of “Hold” and an average target price 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.