Surge Energy (TSE:SGY) Price Target Raised to C$11.00

Surge Energy (TSE:SGY) had its target price boosted by BMO Capital Markets from C$10.00 to C$11.00 in a report published on Wednesday, BayStreet.CA reports. They currently have an outperform rating on the stock.

Surge Energy Stock Down 6.6 %

TSE:SGY opened at C$6.38 on Wednesday. The firm has a market capitalization of C$641.70 million, a price-to-earnings ratio of 3.94, a PEG ratio of 0.59 and a beta of 2.66. Surge Energy has a 1-year low of C$5.89 and a 1-year high of C$9.77. The company has a current ratio of 0.38, a quick ratio of 0.40 and a debt-to-equity ratio of 34.03. The business’s fifty day moving average price is C$6.99 and its 200 day moving average price is C$7.02.

Surge Energy (TSE:SGY) last issued its earnings results on Wednesday, May 8th. The company reported C($0.04) EPS for the quarter, missing analysts’ consensus estimates of C$0.13 by C($0.17). Surge Energy had a negative net margin of 0.48% and a negative return on equity of 0.32%. The firm had revenue of C$158.17 million during the quarter, compared to analysts’ expectations of C$158.95 million. On average, sell-side analysts forecast that Surge Energy will post 0.7599558 earnings per share for the current fiscal year.

Surge Energy Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st will be paid a $0.043 dividend. The ex-dividend date of this dividend is Tuesday, July 30th. This represents a $0.52 dividend on an annualized basis and a yield of 8.09%. This is an increase from Surge Energy’s previous monthly dividend of $0.04. Surge Energy’s payout ratio is 29.63%.

Surge Energy Company Profile

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.