Surge Energy (OTCMKTS:ZPTAF) Shares Up 1.7% – Still a Buy?

Surge Energy Inc. (OTCMKTS:ZPTAF)’s stock price rose 1.7% during mid-day trading on Monday . The company traded as high as $3.75 and last traded at $3.74. Approximately 23,708 shares changed hands during trading, a decline of 48% from the average daily volume of 45,201 shares. The stock had previously closed at $3.68.

Wall Street Analyst Weigh In

Separately, Raymond James initiated coverage on Surge Energy in a report on Friday, October 18th. They set an “outperform” rating and a $9.00 target price for the company.

Surge Energy Price Performance

The stock has a fifty day simple moving average of $4.17 and a two-hundred day simple moving average of $4.62.

Surge Energy Cuts Dividend

The firm also recently announced a dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were given a $0.0309 dividend. This represents a dividend yield of 8.79%. The ex-dividend date of this dividend was Friday, November 29th. Surge Energy’s payout ratio is 104.97%.

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.