Surge Energy (TSE:SGY) Trading Down 9.7% - Here's Why

Key Points

• Surge Energy shares fell 9.7% to C$8.40 mid-day, with only 167,711 shares trading — an 83% decline from the stock's average session volume.
• Raymond James upgraded the stock from "hold" to "moderate buy" and raised its price target to C$11; the consensus target sits at C$9.75 and the average rating is "Buy."
• Insiders have sold 34,124 shares in the past three months worth about $317,955, reducing insider ownership to 1.97%, including recent sales by a director and another insider.

Surge Energy Inc. (TSE:SGY - Get Free Report) shares fell 9.7% during mid-day trading on Wednesday . The company traded as low as C$8.40 and last traded at C$8.40. 167,711 shares were traded during trading, a decline of 83% from the average session volume of 969,978 shares. The stock had previously closed at C$9.30.

Analyst Ratings Changes

Separately, Raymond James Financial raised shares of Surge Energy from a "hold" rating to a "moderate buy" rating and increased their price objective for the company from C$9.00 to C$11.00 in a research report on Monday, March 30th. One equities research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. According to data from MarketBeat.com, Surge Energy has an average rating of "Buy" and a consensus target price of C$9.75.

Surge Energy Price Performance

The company has a debt-to-equity ratio of 33.64, a current ratio of 0.78 and a quick ratio of 0.40. The company's 50-day simple moving average is C$8.23 and its 200-day simple moving average is C$7.41. The company has a market cap of C$841.14 million, a price-to-earnings ratio of 21.28, a P/E/G ratio of 0.59 and a beta of -0.21.

Surge Energy (TSE:SGY - Get Free Report) last issued its quarterly earnings data on Wednesday, March 4th. The company reported C$0.55 earnings per share (EPS) for the quarter. Surge Energy had a net margin of 7.21% and a return on equity of 5.47%. The company had revenue of C$111.40 million during the quarter.

Insider Activity

In other news, Director Allison Michelle Maher sold 8,999 shares of the stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of C$8.56, for a total transaction of C$77,031.44. Following the completion of the transaction, the director directly owned 17,612 shares in the company, valued at approximately C$150,758.72. This represents a 33.82% decrease in their position. Also, insider Jared Ducs sold 5,125 shares of the stock in a transaction that occurred on Monday, March 30th. The shares were sold at an average price of C$9.39, for a total value of C$48,123.75. Following the transaction, the insider owned 127,356 shares of the company's stock, valued at approximately C$1,195,872.84. This trade represents a 3.87% decrease in their ownership of the stock. In the last three months, insiders sold 34,124 shares of company stock worth $317,955. 1.97% of the stock is currently owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.