Surge Energy’s (SGY) Buy Rating Reiterated at Industrial Alliance Securities

Industrial Alliance Securities reissued their buy rating on shares of Surge Energy (TSE:SGY) in a research report report published on Friday. They currently have a C$4.00 price target on the stock.

SGY has been the subject of several other research reports. TD Securities lifted their price objective on Surge Energy from C$3.25 to C$3.50 and gave the company a buy rating in a research note on Friday, September 7th. Raymond James lifted their price objective on Surge Energy from C$3.25 to C$3.50 and gave the company an outperform rating in a research note on Friday, September 7th. Finally, CIBC lifted their price objective on Surge Energy from C$2.75 to C$3.00 in a research note on Friday, July 20th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Surge Energy currently has an average rating of Buy and an average target price of C$3.31.

Shares of SGY opened at C$2.56 on Friday. Surge Energy has a 1 year low of C$1.58 and a 1 year high of C$2.76.

Surge Energy (TSE:SGY) last announced its quarterly earnings data on Wednesday, August 8th. The company reported C$0.01 earnings per share (EPS) for the quarter. The business had revenue of C$87.09 million during the quarter. Surge Energy had a negative return on equity of 4.16% and a negative net margin of 18.21%.

The business also recently disclosed a monthly dividend, which was paid on Monday, September 17th. Stockholders of record on Monday, September 17th were paid a $0.0083 dividend. This represents a $0.10 annualized dividend and a dividend yield of 3.89%. The ex-dividend date was Thursday, August 30th. This is a boost from Surge Energy’s previous monthly dividend of $0.01.

In related news, Director Keith Elliott Macdonald sold 17,805 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of C$2.12, for a total transaction of C$37,746.60. Also, Director Paul Colborne bought 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 28th. The shares were acquired at an average price of C$2.33 per share, with a total value of C$34,950.00. Insiders bought a total of 121,331 shares of company stock valued at $286,892 in the last quarter.

Surge Energy Company Profile

Surge Energy Inc engages in the exploration, development, and production of oil and gas properties in western Canada. The company holds interests in the Valhalla/Wembley property located to the northwest of Grand Prairie in northwestern Alberta; the Nipisi property located to the north of the town of Slave Lake, in northwestern Alberta; and the Nevis property located to the east of Red Deer, Alberta.

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Analyst Recommendations for Surge Energy (TSE:SGY)

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