Surge Energy (TSE:SGY) Reaches New 1-Year High Following Analyst Upgrade

Surge Energy Inc. (TSE:SGY) shares reached a new 52-week high during mid-day trading on Wednesday after Raymond James Financial raised their price target on the stock from C$8.00 to C$9.00. Raymond James Financial currently has an outperform rating on the stock. Surge Energy traded as high as C$7.84 and last traded at C$7.64, with a volume of 1167895 shares traded. The stock had previously closed at C$7.40.

Other equities research analysts have also issued research reports about the stock. ATB Capital boosted their price target on shares of Surge Energy from C$7.50 to C$8.25 and gave the stock an “outperform” rating in a report on Tuesday. Roth Capital set a C$8.50 target price on shares of Surge Energy and gave the stock a “buy” rating in a report on Monday, July 14th. Three analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of C$9.89.

Insider Transactions at Surge Energy

In other news, Senior Officer Murray Bye bought 11,845 shares of the business’s stock in a transaction that occurred on Friday, May 9th. The shares were purchased at an average cost of C$4.88 per share, for a total transaction of C$57,803.60. Also, Director Allison Michelle Maher sold 13,100 shares of the company’s stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of C$7.64, for a total transaction of C$100,070.90. 1.97% of the stock is owned by corporate insiders.

Surge Energy Price Performance

The stock’s 50 day moving average is C$6.25 and its two-hundred day moving average is C$5.69. The company has a debt-to-equity ratio of 31.48, a current ratio of 0.66 and a quick ratio of 0.40. The stock has a market capitalization of C$761.26 million, a PE ratio of -9.49, a price-to-earnings-growth ratio of 0.59 and a beta of 2.54.

Surge Energy Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, August 15th. Shareholders of record on Friday, August 15th will be paid a $0.0433 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $0.52 annualized dividend and a yield of 6.86%. Surge Energy’s dividend payout ratio is currently -65.21%.

Surge Energy Company Profile

Surge Energy Inc is engaged in the exploration, development, and production of oil and gas from properties in western Canada. The company generates its revenue from the sale of petroleum and natural gas products such as Oil, Natural gas liquids and Natural gas, of which a majority of the revenue is derived from the sale of oil.