Meren Energy (TSE:MER) Stock Rating Lowered by Scotiabank

Meren Energy (TSE:MER) was downgraded by research analysts at Scotiabank from a “strong-buy” rating to a “hold” rating in a research report issued on Friday, Marketbeat reports. They presently have a C$2.50 price target on the stock. Scotiabank’s price objective would indicate a potential upside of 25.63% from the stock’s previous close.

Meren Energy Price Performance

Shares of Meren Energy stock opened at C$1.99 on Friday. The stock has a market cap of C$1.35 billion, a P/E ratio of -9.05 and a beta of 0.25. Meren Energy has a 1 year low of C$1.65 and a 1 year high of C$2.58. The stock’s fifty day simple moving average is C$2.14.

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.