Surge Energy Inc. (TSE:SGY – Get Free Report) passed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of C$6.39 and traded as high as C$6.44. Surge Energy shares last traded at C$6.39, with a volume of 937,924 shares trading hands.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on SGY. Acumen Capital boosted their price objective on Surge Energy from C$12.25 to C$12.75 and gave the company a “strong-buy” rating in a research note on Thursday, August 1st. Cormark upgraded Surge Energy to a “moderate buy” rating in a research note on Monday, September 23rd. National Bankshares upped their price target on Surge Energy from C$11.00 to C$11.25 in a research note on Friday, September 27th. Finally, BMO Capital Markets upped their price target on Surge Energy from C$10.00 to C$11.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of C$11.93.
Surge Energy Stock Up 1.6 %
Surge Energy (TSE:SGY – Get Free Report) last announced its quarterly earnings results on Tuesday, July 30th. The company reported C$0.32 earnings per share for the quarter, missing analysts’ consensus estimates of C$0.34 by C($0.02). Surge Energy had a negative return on equity of 10.03% and a negative net margin of 14.28%. The company had revenue of C$173.17 million during the quarter, compared to analyst estimates of C$174.40 million. On average, analysts anticipate that Surge Energy Inc. will post 0.838256 EPS for the current fiscal year.
Surge Energy Announces Dividend
The business also recently declared a monthly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a $0.043 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 8.08%. Surge Energy’s dividend payout ratio is currently 32.10%.
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.
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