Surge Energy (TSE:SGY) Reaches New 12-Month High - What's Next?

Key Points

• Surge Energy shares reached a new 52-week high, trading as high as C$10.72, while the stock’s five analysts maintain unanimously positive Buy or Outperform ratings. Their consensus price target is C$13.25.
• The company reported quarterly revenue of C$191.22 million and earnings of C$0.68 per share, alongside an 8.01% net margin and 6.18% return on equity.
• Surge Energy announced a monthly dividend of $0.0433 per share, representing an annualized yield of about 4.9%; however, its payout ratio is elevated at 118.18%. Insiders sold 86,479 shares worth approximately C$900,813 during the last quarter.

Shares of Surge Energy Inc. (TSE:SGY - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as C$10.72 and last traded at C$10.59, with a volume of 104275 shares trading hands. The stock had previously closed at C$10.60.

Wall Street Analyst Weigh In

SGY has been the subject of several analyst reports. National Bank Financial upped their price objective on Surge Energy from C$12.75 to C$13.50 and gave the stock an "outperform" rating in a research note on Tuesday, June 2nd. Raymond James Financial lifted their target price on Surge Energy from C$12.00 to C$13.00 and gave the company an "outperform" rating in a research report on Tuesday, June 2nd. Canaccord Genuity Group boosted 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 upped their price target 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. Finally, ATB Cormark Capital Markets upped their price target on Surge Energy from C$12.00 to C$13.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 2nd. Five research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Surge Energy currently has an average rating of "Buy" and a consensus target price of C$13.25.

Surge Energy Stock Down 0.3%

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's 50-day moving average price is C$9.74 and its 200 day moving average price is C$9.08. The stock has a market capitalization of C$1.06 billion, a P/E ratio of 24.02, a P/E/G ratio of 0.59 and a beta of -0.42.

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

Surge Energy Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, August 17th. Investors of record on Monday, August 17th will be given a dividend of $0.0433 per share. The ex-dividend date is Friday, July 31st. This represents a c) annualized dividend and a dividend yield of 4.9%. Surge Energy's dividend payout ratio (DPR) is currently 118.18%.

Insiders Place Their Bets

In related news, insider Margaret Ann Elekes sold 14,000 shares of Surge Energy stock in a transaction that occurred on 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 sale, the insider owned 100,921 shares of the company's stock, valued at approximately C$1,074,808.65. This trade represents a 12.18% decrease in their position. Also, Director Allison Michelle Maher sold 9,878 shares of the business's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of C$10.49, for a total value of C$103,620.22. Following the completion of the transaction, the director directly owned 18,725 shares in the company, valued at approximately C$196,425.25. This represents a 34.53% decrease in their ownership of the stock. Insiders sold a total of 86,479 shares of company stock worth $900,813 over the last quarter. Company insiders own 1.97% of the company's stock.

Surge Energy Company Profile

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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