Surge Energy (TSE:SGY) Reaches New 12-Month Low on Analyst Downgrade

Surge Energy Inc. (TSE:SGY)’s share price reached a new 52-week low during trading on Monday after BMO Capital Markets lowered their price target on the stock from C$11.00 to C$9.00. The stock traded as low as C$5.17 and last traded at C$5.21, with a volume of 117982 shares changing hands. The stock had previously closed at C$5.25.

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

Surge Energy Stock Performance

The firm has a market capitalization of C$537.72 million, a P/E ratio of 3.31, a price-to-earnings-growth ratio of 0.59 and a beta of 2.54. The stock has a 50-day moving average of C$5.86 and a 200 day moving average of C$6.39. The company has a debt-to-equity ratio of 29.47, a quick ratio of 0.40 and a current ratio of 0.50.

Surge Energy Increases Dividend

The firm also recently declared a monthly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were given a dividend of $0.0433 per share. The ex-dividend date was Thursday, October 31st. This is a positive change from Surge Energy’s previous monthly dividend of $0.04. This represents a $0.52 dividend on an annualized basis and a yield of 9.69%. 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.