Meren Energy (OTCMKTS:AOIFF) Shares Gap Up - Still a Buy?

Key Points

• Meren Energy's shares gapped up from $1.31 to $1.39 before settling at $1.28 with a trading volume of 55,514 shares.
• The company announced a dividend increase, offering $0.0371 per share, resulting in a yield of 1,200.0%, a rise from the previous dividend of $0.03.
• Meren Energy has a market cap of $868.37 million and various key financial ratios, including a debt-to-equity ratio of 0.44 and a P/E ratio of -2.47.

Meren Energy Inc. (OTCMKTS:AOIFF - Get Free Report)'s share price gapped up before the market opened on Tuesday . The stock had previously closed at $1.31, but opened at $1.39. Meren Energy shares last traded at $1.28, with a volume of 55,514 shares traded.

Meren Energy Stock Performance

The company has a 50-day moving average price of $1.26 and a two-hundred day moving average price of $1.30. The company has a current ratio of 1.33, a quick ratio of 1.16 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $851.14 million, a P/E ratio of -2.42 and a beta of 0.60.

Meren Energy Increases Dividend

The firm also recently disclosed a dividend, which was paid on Friday, September 5th. Stockholders of record on Thursday, August 21st were given a $0.0371 dividend. This is a boost from Meren Energy's previous dividend of $0.03. The ex-dividend date of this dividend was Wednesday, August 20th. This represents a dividend yield of 1,200.0%. Meren Energy's dividend payout ratio is -28.85%.

About Meren Energy

Africa Oil Corp., together with its subsidiaries, operates as an oil and gas exploration and production company in Kenya, Nigeria, and South Africa. The company holds interests in producing and development assets in deep-water Nigeria, and development assets in Kenya. It also has a portfolio of exploration and appraisal assets in Namibia, Nigeria, South Africa, and Kenya, as well as Guyana and Senegal Guinea Bissau Joint Development Zone.