Surge Energy (TSE:SGY) Shares Cross Below 50 Day Moving Average – Here’s Why

Shares of Surge Energy Inc. (TSE:SGY) passed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of C$6.96 and traded as low as C$6.56. Surge Energy shares last traded at C$6.69, with a volume of 421,701 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SGY. ATB Capital raised their price objective on Surge Energy from C$7.50 to C$8.25 and gave the company an “outperform” rating in a research note on Tuesday, July 29th. Roth Capital set a C$8.50 price objective on Surge Energy and gave the company a “buy” rating in a research note on Monday, July 14th. Finally, Raymond James Financial raised their price objective on Surge Energy from C$8.00 to C$9.00 and gave the company an “outperform” rating in a research note on Tuesday, July 29th. One analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of C$8.69.

Surge Energy Price Performance

The company has a market cap of C$662.93 million, a price-to-earnings ratio of 12.16, a price-to-earnings-growth ratio of 0.59 and a beta of 0.48. The company has a fifty day moving average price of C$6.96 and a two-hundred day moving average price of C$6.25. The company has a current ratio of 0.66, a quick ratio of 0.40 and a debt-to-equity ratio of 31.48.

Surge Energy Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, November 17th. Shareholders of record on Monday, November 17th will be paid a $0.0433 dividend. The ex-dividend date of this dividend is Thursday, October 30th. This represents a c) dividend on an annualized basis and a yield of 7.8%. Surge Energy’s payout ratio is currently 94.48%.

Insider Buying and Selling

In other Surge Energy news, Director Allison Michelle Maher sold 13,100 shares of the business’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of C$7.64, for a total value of C$100,070.90. Corporate insiders own 1.97% of the company’s stock.

About Surge Energy

Surge Energy Inc is engaged in the exploration, development, and production of oil and gas from properties in western Canada. The company generates its revenue from the sale of petroleum and natural gas products such as Oil, Natural gas liquids and Natural gas, of which a majority of the revenue is derived from the sale of oil.