Surge Energy (TSE:SGY) Shares Down 11.2% – Time to Sell?

Surge Energy Inc. (TSE:SGY) dropped 11.2% during mid-day trading on Friday . The company traded as low as C$4.44 and last traded at C$4.50. Approximately 865,525 shares traded hands during mid-day trading, an increase of 37% from the average daily volume of 630,749 shares. The stock had previously closed at C$5.07.

Analyst Ratings Changes

Several brokerages have commented on SGY. Raymond James cut shares of Surge Energy from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from C$8.50 to C$6.00 in a research note on Wednesday. BMO Capital Markets decreased their target price on Surge Energy from C$11.00 to C$9.00 in a research report on Friday, December 13th.

Surge Energy Stock Down 11.2 %

The firm has a market cap of C$452.53 million, a P/E ratio of -5.64, a price-to-earnings-growth ratio of 0.59 and a beta of 2.54. The company’s 50-day simple moving average is C$5.52 and its 200 day simple moving average is C$5.72. The company has a debt-to-equity ratio of 31.48, a current ratio of 0.66 and a quick ratio of 0.40.

Surge Energy Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 15th will be given a $0.0433 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.52 annualized dividend and a yield of 11.55%. Surge Energy’s dividend payout ratio is currently -65.21%.

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.