CIBC Cuts Surge Energy (TSE:SGY) Price Target to C$1.50

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Surge Energy (TSE:SGY) had its target price cut by stock analysts at CIBC from C$1.75 to C$1.50 in a report released on Tuesday, BayStreet.CA reports. CIBC’s target price would indicate a potential upside of 33.93% from the stock’s previous close.

Several other research firms have also weighed in on SGY. Raymond James restated an “outperform” rating and set a C$1.75 price objective on shares of Surge Energy in a research report on Tuesday, August 13th. National Bank Financial reduced their price objective on shares of Surge Energy from C$2.25 to C$1.75 and set an “outperform” rating for the company in a research report on Tuesday, June 25th. TD Securities raised their price objective on shares of Surge Energy from C$1.65 to C$1.75 and gave the company a “buy” rating in a research report on Tuesday, August 13th. Canaccord Genuity reduced their price objective on shares of Surge Energy from C$2.25 to C$2.00 in a research report on Tuesday, July 9th. Finally, GMP Securities reduced their price objective on shares of Surge Energy from C$1.95 to C$1.75 in a research report on Friday, June 28th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of C$2.13.

Shares of TSE:SGY traded up C$0.01 during trading hours on Tuesday, hitting C$1.12. 273,158 shares of the company’s stock traded hands, compared to its average volume of 920,139. Surge Energy has a 52 week low of C$1.04 and a 52 week high of C$2.39. The company has a debt-to-equity ratio of 51.09, a quick ratio of 0.58 and a current ratio of 0.74. The company’s fifty day simple moving average is C$1.14 and its two-hundred day simple moving average is C$1.26. The company has a market cap of $348.60 million and a price-to-earnings ratio of -3.81.

Surge Energy (TSE:SGY) last posted its quarterly earnings data on Monday, August 12th. The company reported C$0.03 earnings per share for the quarter. The business had revenue of C$107.67 million for the quarter. On average, analysts anticipate that Surge Energy will post 0.01 EPS for the current fiscal year.

In other news, Director James Murray Pasieka bought 350,000 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was bought at an average cost of C$1.25 per share, for a total transaction of C$435,750.00. Following the completion of the acquisition, the director now directly owns 910,492 shares in the company, valued at approximately C$1,133,562.54.

Surge Energy Company Profile

Surge Energy Inc engages in the exploration, development, and production of oil and gas in western Canada. It holds interest in the Greater Sawn Lake assets located in Northern Alberta; Nipisi property located to the north of the town of Slave Lake in northwestern Alberta; and Valhalla/Wembley property located to the northwest of Grand Prairie in northwestern Alberta.

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Analyst Recommendations for Surge Energy (TSE:SGY)

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