Meren Energy (TSE:MER) Trading Down 0.5% – Time to Sell?

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

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 objective on the stock. in a research note on Friday, July 17th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of C$2.50.

Meren Energy Stock Performance

The business has a 50 day moving average price of C$2.05. The stock has a market capitalization of C$1.36 billion, a PE 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.