Meren Energy (OTCMKTS:AOIFF) Trading Down 4.5% - Here's Why

Key Points

• Meren Energy's stock price fell by 4.5% to $1.25, with trading activity down 57% from average session volume.
• The company recently increased its dividend to $0.0371 per share, significantly boosting its dividend yield to 1,200.0%.
• Meren Energy operates in the oil and gas sector, holding interests in assets across Kenya, Nigeria, and South Africa.

Meren Energy Inc. (OTCMKTS:AOIFF - )'s stock price traded down 4.5% on Tuesday . The company traded as low as $1.23 and last traded at $1.25. 61,007 shares were traded during mid-day trading, a decline of 57% from the average session volume of 140,555 shares. The stock had previously closed at $1.31.

Meren Energy Stock Down 4.8%

The business has a 50-day simple moving average of $1.30 and a two-hundred day simple moving average of $1.29. The company has a market cap of $842.36 million, a price-to-earnings ratio of -2.40 and a beta of 0.53. The company has a quick ratio of 1.05, a current ratio of 1.25 and a debt-to-equity ratio of 0.42.

Meren Energy Increases Dividend

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

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