Surge Energy (TSE:SGY) Hits New 1-Year High - Here's Why

Key Points

• Surge Energy shares reached a new 52-week high of C$11.22, up from a prior close of C$10.60, amid strong trading activity.
• Analysts raised their price targets, with five firms maintaining Buy or Outperform ratings. The consensus rating is “Buy,” with an average target of C$13.25.
• The company reported quarterly EPS of C$0.68 on C$191.22 million in revenue and paid a monthly dividend yielding approximately 4.7%; however, insiders recently sold shares and the payout ratio stands at 118.18%.

Surge Energy Inc. (TSE:SGY - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as C$11.22 and last traded at C$11.13, with a volume of 817879 shares. The stock had previously closed at C$10.60.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on SGY shares. Canaccord Genuity Group upped their price target on Surge Energy from C$12.00 to C$13.00 and gave the company a "buy" rating in a report on Tuesday, June 2nd. Acumen Capital boosted their target price on Surge Energy from C$13.25 to C$13.75 and gave the stock a "buy" rating in a research report on Tuesday, June 2nd. ATB Cormark Capital Markets upped their target price on Surge Energy from C$12.00 to C$13.00 and gave the company an "outperform" rating in a report on Tuesday, June 2nd. National Bank Financial increased their price target on Surge Energy from C$12.75 to C$13.50 and gave the company an "outperform" rating in a research report on Tuesday, June 2nd. Finally, Raymond James Financial lifted their price target on Surge Energy from C$12.00 to C$13.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 2nd. Five investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Surge Energy presently has an average rating of "Buy" and a consensus price target of C$13.25.

Surge Energy Stock Performance

The firm's 50 day simple moving average is C$9.76 and its 200-day simple moving average is C$9.18. The company has a debt-to-equity ratio of 31.11, a quick ratio of 0.40 and a current ratio of 1.04. The company has a market capitalization of C$1.10 billion, a price-to-earnings ratio of 25.30, a P/E/G ratio of 0.59 and a beta of -0.42.

Surge Energy (TSE:SGY - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported C$0.68 earnings per share (EPS) for the quarter. The company had revenue of C$191.22 million during the quarter. Surge Energy had a return on equity of 6.18% and a net margin of 8.01%.

Surge Energy Dividend Announcement

The firm also recently disclosed a monthly dividend, which was paid on Monday, August 17th. Investors of record on Monday, August 17th were paid a $0.0433 dividend. This represents a c) annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend was Friday, July 31st. Surge Energy's dividend payout ratio is currently 118.18%.

Insiders Place Their Bets

In other Surge Energy news, insider Margaret Ann Elekes sold 14,000 shares of the firm's stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of C$10.65, for a total transaction of C$149,100.00. Following the completion of the sale, the insider directly owned 100,921 shares in the company, valued at approximately C$1,074,808.65. This trade represents a 12.18% decrease in their position. Also, insider Jared Ducs sold 27,601 shares of the firm's stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of C$10.57, for a total value of C$291,742.57. Following the sale, the insider owned 118,847 shares of the company's stock, valued at C$1,256,212.79. The trade was a 18.85% decrease in their ownership of the stock. Insiders sold a total of 61,479 shares of company stock valued at $649,563 in the last 90 days. Insiders own 1.97% of the company's stock.

About Surge Energy

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.

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