Meren Energy (TSE:MER) Releases Earnings Results

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

Meren Energy Price Performance

TSE MER traded down C$0.04 during trading hours on Thursday, hitting C$1.84. 956,927 shares of the company’s stock traded hands, compared to its average volume of 827,388. Meren Energy has a 52-week low of C$1.67 and a 52-week high of C$2.58. The company has a market capitalization of C$1.24 billion, a PE ratio of -11.50 and a beta of 0.12. The firm’s 50-day moving average is C$2.12 and its 200-day moving average is C$2.18.

Meren Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 4th. Investors of record on Friday, September 4th were paid a dividend of $0.0371 per share. This represents a $0.15 annualized dividend and a yield of 8.1%. The ex-dividend date of this dividend was Thursday, August 20th. Meren Energy’s dividend payout ratio is currently -92.75%.

Wall Street Analysts Forecast Growth

Separately, Scotiabank downgraded 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 analysts have rated the stock with a Hold rating. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target 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.