Surge Energy (TSE:SGY) Reaches New 12-Month High – Here’s Why

Surge Energy Inc. (TSE:SGY)’s share price hit a new 52-week high on Tuesday . The stock traded as high as C$11.47 and last traded at C$11.46, with a volume of 91273 shares. The stock had previously closed at C$11.16.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on SGY shares. Acumen Capital raised their target price 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. Raymond James Financial increased their price target 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. Canaccord Genuity Group increased their price target on Surge Energy from C$12.00 to C$13.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. 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 research report on Tuesday, June 2nd. Finally, ATB Cormark Capital Markets lifted their price objective 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. Five investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of C$13.25.

Surge Energy Stock Up 2.6%

The company has a quick ratio of 0.40, a current ratio of 1.04 and a debt-to-equity ratio of 31.11. The firm has a market cap of C$1.14 billion, a P/E ratio of 26.02, a PEG ratio of 0.59 and a beta of -0.43. The stock’s 50-day simple moving average is C$10.20 and its 200 day simple moving average is C$9.56.

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

Surge Energy Announces Dividend

The firm also recently announced a monthly dividend, which was paid on Monday, August 17th. Investors of record on Monday, August 17th were paid a dividend of $0.0433 per share. The ex-dividend date of this dividend was Friday, July 31st. This represents a c) annualized dividend and a yield of 4.5%. Surge Energy’s dividend payout ratio (DPR) is currently 118.18%.

Insiders Place Their Bets

In other Surge Energy news, Director Michelle Gramatke sold 10,000 shares of Surge Energy stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of C$10.51, for a total value of C$105,100.00. Following the completion of the sale, the director directly owned 26,180 shares in the company, valued at approximately C$275,151.80. The trade was a 27.64% decrease in their ownership of the stock. 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.