Surge Energy (TSE:SGY) Stock Passes Above 50 Day Moving Average – Here’s Why

Surge Energy Inc. (TSE:SGY)’s share price crossed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of C$9.89 and traded as high as C$11.07. Surge Energy shares last traded at C$10.94, with a volume of 518,107 shares.

Wall Street Analysts Forecast Growth

SGY has been the topic of several analyst reports. National Bank Financial raised their price objective on Surge Energy from C$12.75 to C$13.50 and gave the stock an “outperform” rating in a report on Tuesday, June 2nd. Raymond James Financial upped their target price on Surge Energy from C$12.00 to C$13.00 and gave the company an “outperform” rating in a research note on Tuesday, June 2nd. ATB Cormark Capital Markets raised 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. Acumen Capital raised their price target on Surge Energy from C$13.25 to C$13.75 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Finally, Canaccord Genuity Group lifted 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. Five analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of C$13.25.

Surge Energy Stock Up 2.7%

The company has a debt-to-equity ratio of 31.11, a current ratio of 1.04 and a quick ratio of 0.40. The stock has a market cap of C$1.11 billion, a price-to-earnings ratio of 25.50, a price-to-earnings-growth ratio of 0.59 and a beta of -0.42. The firm’s 50-day moving average is C$9.91 and its 200 day moving average is C$9.36.

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

Surge Energy Dividend Announcement

The company also recently announced a monthly dividend, which was paid on Monday, August 17th. Investors of record on Monday, August 17th were issued a $0.0433 dividend. The ex-dividend date was Friday, July 31st. This represents a c) dividend on an annualized basis and a yield of 4.6%. Surge Energy’s dividend payout ratio (DPR) is presently 118.18%.

Insider Transactions at Surge Energy

In other news, Director Allison Michelle Maher sold 9,878 shares of the firm’s stock in a transaction dated 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 transaction, the director directly owned 18,725 shares in the company, valued at C$196,425.25. This trade represents a 34.53% decrease in their position. Also, insider Margaret Ann Elekes sold 14,000 shares of Surge Energy stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of C$10.65, for a total value of C$149,100.00. Following the completion of the transaction, the insider directly owned 100,921 shares in the company, valued at C$1,074,808.65. This represents a 12.18% decrease in their ownership of the stock. Insiders sold a total of 61,479 shares of company stock worth $649,563 in the last three months. 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.