Surge Energy (TSE:SGY) Shares Pass Above 50-Day Moving Average - Here's What Happened

Key Points

• Surge Energy's stock crossed above its 50-day moving average of C$6.89, reaching a high of C$6.96, although it last traded at C$6.82.
• Analyst upgrades include price targets raised to C$8.50 by Roth Capital and C$9.00 by Raymond James, with a consensus price target of C$9.42 for the stock.
• The company announced a monthly dividend of $0.0433, corresponding to a 7.6% annualized yield and a payout ratio of 94.48%.

Surge Energy Inc. (TSE:SGY - Get Free Report) shares crossed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of C$6.89 and traded as high as C$6.96. Surge Energy shares last traded at C$6.82, with a volume of 416,894 shares traded.

Analyst Ratings Changes

SGY has been the topic of a number of research reports. ATB Capital upped their target price on Surge Energy from C$7.50 to C$8.25 and gave the stock an "outperform" rating in a research report on Tuesday, July 29th. Raymond James Financial raised their price objective on Surge Energy from C$8.00 to C$9.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 29th. Finally, Roth Capital set a C$8.50 price target on Surge Energy and gave the stock a "buy" rating in a research note on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of C$9.42.

Surge Energy Stock Up 0.5%

The stock has a market cap of C$658.96 million, a price-to-earnings ratio of 12.09, a price-to-earnings-growth ratio of 0.59 and a beta of 0.75. The company has a current ratio of 0.66, a quick ratio of 0.40 and a debt-to-equity ratio of 31.48. The business's fifty day simple moving average is C$6.91 and its 200 day simple moving average is C$5.95.

Surge Energy Dividend Announcement

The business also recently announced a monthly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 15th were paid a $0.0433 dividend. This represents a c) dividend on an annualized basis and a yield of 7.8%. The ex-dividend date was Thursday, July 31st. Surge Energy's payout ratio is presently 94.48%.

Insiders Place Their Bets

In other news, Director Allison Michelle Maher sold 13,100 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of C$7.64, for a total value of C$100,070.90. 1.97% of the stock is owned by insiders.

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.