Raymond James Upgrades Surge Energy (TSE:SGY) to Moderate Buy

Raymond James upgraded shares of Surge Energy (TSE:SGY) to a moderate buy rating in a report published on Thursday morning, Zacks.com reports.

A number of other equities research analysts have also recently weighed in on SGY. BMO Capital Markets lifted their price target on shares of Surge Energy from C$10.00 to C$11.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. National Bankshares lifted their target price on shares of Surge Energy from C$11.00 to C$11.25 in a report on Friday, September 27th. Cormark upgraded Surge Energy to a “moderate buy” rating in a research note on Monday, September 23rd. Finally, Acumen Capital raised their price target on Surge Energy from C$12.25 to C$12.75 and gave the stock a “strong-buy” rating in a research report on Thursday, August 1st. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of C$11.58.

Surge Energy Stock Performance

Shares of Surge Energy stock opened at C$6.06 on Thursday. The stock has a 50 day moving average of C$6.32 and a 200 day moving average of C$6.87. The company has a debt-to-equity ratio of 29.47, a quick ratio of 0.40 and a current ratio of 0.50. The firm has a market capitalization of C$607.94 million, a price-to-earnings ratio of 3.74, a PEG ratio of 0.59 and a beta of 2.54. Surge Energy has a fifty-two week low of C$5.51 and a fifty-two week high of C$9.77.

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 analysts’ consensus estimates of C$0.34 by C($0.02). The business had revenue of C$173.17 million for the quarter, compared to analysts’ expectations of C$174.40 million. Surge Energy had a negative return on equity of 10.03% and a negative net margin of 14.28%.

Surge Energy Increases Dividend

The firm 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 annualized dividend and a yield of 8.57%. The ex-dividend date is Thursday, October 31st. This is a boost from Surge Energy’s previous monthly dividend of $0.04. Surge Energy’s dividend payout ratio (DPR) is currently 32.10%.

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.