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

Meren Energy Inc. (TSE:MER)’s share price was down 0.5% during mid-day trading on Friday . The stock traded as low as C$2.00 and last traded at C$2.01. 485,205 shares were traded during mid-day trading, a decline of 41% from the average session volume of 826,584 shares. The stock had previously closed at C$2.02.

Analyst Upgrades and Downgrades

Separately, Scotiabank cut 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 research report on Friday, July 17th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of C$2.50.

Meren Energy Stock Down 0.5%

The firm’s fifty day simple moving average is C$2.05. The firm has a market capitalization of C$1.36 billion, a price-to-earnings ratio of -9.14 and a beta of 0.23.

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.