Atb Cap Markets Comments on Surge Energy Inc.’s FY2024 Earnings (TSE:SGY)

Surge Energy Inc. (TSE:SGY) – Analysts at Atb Cap Markets cut their FY2024 earnings estimates for Surge Energy in a research report issued on Monday, April 22nd. Atb Cap Markets analyst A. Arif now expects that the company will post earnings per share of $0.62 for the year, down from their prior forecast of $0.83. The consensus estimate for Surge Energy’s current full-year earnings is $1.01 per share. Atb Cap Markets also issued estimates for Surge Energy’s FY2026 earnings at ($0.19) EPS, FY2027 earnings at ($0.11) EPS and FY2028 earnings at ($0.05) EPS.

Several other equities research analysts also recently issued reports on SGY. National Bankshares lowered their price objective on shares of Surge Energy from C$13.00 to C$11.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 10th. Raymond James dropped their price objective on shares of Surge Energy from C$14.00 to C$12.00 and set an “outperform” rating on the stock in a report on Friday, January 19th. BMO Capital Markets set a C$10.00 target price on shares of Surge Energy and gave the company an “outperform” rating in a research note on Thursday, March 21st. Finally, ATB Capital decreased their target price on Surge Energy from C$13.00 to C$10.50 and set an “outperform” rating on the stock in a research report on Thursday, January 18th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of C$11.79.

Surge Energy Stock Performance

SGY opened at C$7.75 on Wednesday. The company has a quick ratio of 0.40, a current ratio of 0.52 and a debt-to-equity ratio of 33.44. The stock’s 50 day moving average price is C$7.28 and its two-hundred day moving average price is C$7.40. The firm has a market capitalization of C$779.50 million, a P/E ratio of 4.78, a price-to-earnings-growth ratio of 0.59 and a beta of 2.66. Surge Energy has a 12-month low of C$5.89 and a 12-month high of C$9.77.

Surge Energy (TSE:SGY) last released its earnings results on Wednesday, March 6th. The company reported C($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of C$0.24 by C($0.53). The firm had revenue of C$168.45 million for the quarter, compared to analyst estimates of C$179.30 million. Surge Energy had a return on equity of 1.87% and a net margin of 2.82%.

Surge Energy Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be paid a dividend of $0.04 per share. This represents a $0.48 dividend on an annualized basis and a yield of 6.19%. The ex-dividend date is Monday, April 29th. Surge Energy’s dividend payout ratio is 29.63%.

Insiders Place Their Bets

In other news, Senior Officer Jared Andrew Renton Ducs sold 3,933 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of C$7.42, for a total value of C$29,182.86. Corporate insiders own 1.91% of the company’s stock.

Surge Energy Company Profile

Surge Energy Inc explores, develops, and produces oil and gas in western Canada. Its principal properties are located in the areas of Sparky, Southeast Saskatchewan, Carbonates, Valhalla, and Shaunavon in Alberta and Saskatchewan. The company was formerly known as Zapata Energy Corporation and changed its name to Surge Energy Inc in June 2010.