Meren Energy (OTCMKTS:AOIFF) Shares Gap Up - Here's What Happened

Key Points

• Meren Energy's stock price gapped up from $1.23 to $1.28 before trading on Thursday, with a last traded price of $1.23 and a volume of 15,916 shares.
• The company reported a $0.02 EPS for the quarter, exceeding analysts' expectations of $0.01, and had revenue of $74.09 million against an expectation of $10.00 million.
• Meren Energy's current market capitalization is $828.18 million with a negative P/E ratio of -2.36, and it holds interests in oil and gas assets across several countries including Kenya and Nigeria.

Meren Energy Inc. (OTCMKTS:AOIFF - Get Free Report)'s share price gapped up before the market opened on Thursday . The stock had previously closed at $1.23, but opened at $1.28. Meren Energy shares last traded at $1.23, with a volume of 15,916 shares traded.

Meren Energy Stock Performance

The firm has a market capitalization of $824.13 million, a price-to-earnings ratio of -2.35 and a beta of 0.57. The company has a quick ratio of 1.16, a current ratio of 1.33 and a debt-to-equity ratio of 0.44. The stock has a 50-day moving average price of $1.26 and a 200 day moving average price of $1.31.

Meren Energy Increases Dividend

The business also recently disclosed a dividend, which will be paid on Friday, September 5th. Stockholders of record on Thursday, August 21st will be given a dividend of $0.0371 per share. The ex-dividend date is Wednesday, August 20th. This represents a dividend yield of 1,200.0%. This is a boost from Meren Energy's previous dividend of $0.03. Meren Energy's payout ratio is presently -26.92%.

Meren Energy Company Profile

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.