BMO Capital Markets Cuts Surge Energy (TSE:SGY) Price Target to C$9.00

Surge Energy (TSE:SGY) had its price objective lowered by BMO Capital Markets from C$11.00 to C$9.00 in a research note published on Friday morning,BayStreet.CA reports.

A number of other brokerages have also recently commented on SGY. Cormark upgraded Surge Energy to a “moderate buy” rating in a report on Monday, September 23rd. Canaccord Genuity Group reduced their price target on Surge Energy from C$11.00 to C$10.50 in a research report on Tuesday, October 22nd. National Bankshares boosted their target price on shares of Surge Energy from C$11.00 to C$11.25 in a research report on Friday, September 27th. Finally, Raymond James upgraded Surge Energy to a “moderate buy” rating in a research note on Thursday, October 17th. Three equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of C$11.00.

Surge Energy Trading Up 0.6 %

Shares of Surge Energy stock opened at C$5.25 on Friday. The business has a 50-day moving average price of C$5.87 and a 200-day moving average price of C$6.40. Surge Energy has a twelve month low of C$5.18 and a twelve month high of C$8.16. The firm has a market cap of C$526.68 million, a price-to-earnings ratio of 3.24, a PEG ratio of 0.59 and a beta of 2.54. The company has a quick ratio of 0.40, a current ratio of 0.50 and a debt-to-equity ratio of 29.47.

Surge Energy Increases Dividend

The company also recently disclosed a monthly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a $0.0433 dividend. The ex-dividend date was Thursday, October 31st. This represents a $0.52 dividend on an annualized basis and a dividend yield of 9.90%. This is an increase from Surge Energy’s previous monthly dividend of $0.04. Surge Energy’s dividend payout ratio is 32.10%.

About Surge Energy

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.