Meren Energy (TSE:MER) Cut to “Hold” at Scotiabank

Scotiabank cut shares of Meren Energy (TSE:MER) from a strong-buy rating to a hold rating in a report released on Friday morning, Marketbeat.com reports. They currently have C$2.50 price objective on the stock.

Meren Energy Price Performance

Shares of TSE MER opened at C$1.99 on Friday. The stock has a fifty day moving average of C$2.14. Meren Energy has a 12 month low of C$1.65 and a 12 month high of C$2.58. The company has a market cap of C$1.35 billion, a price-to-earnings ratio of -9.05 and a beta of 0.25.

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.