Surge Energy (TSE:SGY) Trading Down 11.2% – Here’s Why

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

Wall Street Analyst Weigh In

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

Surge Energy Stock Performance

The stock has a market cap of C$460.58 million, a P/E ratio of -5.74, a P/E/G ratio of 0.59 and a beta of 2.54. The firm has a 50 day moving average of C$5.50 and a two-hundred day moving average of C$5.72. The company has a debt-to-equity ratio of 31.48, a quick ratio of 0.40 and a current ratio of 0.66.

Surge Energy Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 15th will be given a dividend of $0.0433 per share. This represents a $0.52 dividend on an annualized basis and a yield of 11.34%. The ex-dividend date is Monday, March 31st. Surge Energy’s dividend payout ratio (DPR) 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.