Surge Energy (TSE:SGY) Given New C$10.50 Price Target at Canaccord Genuity Group

Surge Energy (TSE:SGY) had its price objective lowered by Canaccord Genuity Group from C$11.00 to C$10.50 in a research note released on Tuesday, BayStreet.CA reports.

A number of other brokerages have also recently commented on SGY. BMO Capital Markets raised their price target on Surge Energy from C$10.00 to C$11.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Cormark upgraded shares of Surge Energy to a “moderate buy” rating in a research report on Monday, September 23rd. Raymond James upgraded shares of Surge Energy to a “moderate buy” rating in a research report on Thursday, October 17th. Acumen Capital lifted their price objective on shares of Surge Energy from C$12.25 to C$12.75 and gave the company a “strong-buy” rating in a research note on Thursday, August 1st. Finally, National Bankshares upped their target price on Surge Energy from C$11.00 to C$11.25 in a research note on Friday, September 27th. Three research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Surge Energy currently has a consensus rating of “Buy” and a consensus price target of C$11.43.

Surge Energy Trading Up 1.0 %

SGY stock opened at C$6.21 on Tuesday. Surge Energy has a one year low of C$5.51 and a one year high of C$9.77. The stock has a market cap of C$622.99 million, a price-to-earnings ratio of 3.83, a price-to-earnings-growth ratio of 0.59 and a beta of 2.54. The company has a fifty day moving average price of C$6.26 and a two-hundred day moving average price of C$6.81. The company has a debt-to-equity ratio of 29.47, a current ratio of 0.50 and a quick ratio of 0.40.

Surge Energy (TSE:SGY) last released its quarterly earnings results on Tuesday, July 30th. The company reported C$0.32 earnings per share for the quarter, missing the consensus estimate of C$0.34 by C($0.02). The company had revenue of C$173.17 million during the quarter, compared to the consensus estimate of C$174.40 million. Surge Energy had a negative net margin of 14.28% and a negative return on equity of 10.03%.

Surge Energy Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be given a $0.0433 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 8.37%. The ex-dividend date of this dividend is Thursday, October 31st. This is a positive change from Surge Energy’s previous monthly dividend of $0.04. Surge Energy’s payout ratio is 32.10%.

About Surge Energy

Surge Energy Inc explores, develops, and produces oil and gas in western Canada. Its principal properties are located in the areas of Sparky, Southeast Saskatchewan, Carbonates, Valhalla, and Shaunavon in Alberta and Saskatchewan. The company was formerly known as Zapata Energy Corporation and changed its name to Surge Energy Inc in June 2010.