Surge Energy (TSE:SGY) Reaches New 52-Week Low – Here’s Why

Surge Energy Inc. (TSE:SGY)’s share price reached a new 52-week low on Tuesday . The company traded as low as C$5.51 and last traded at C$5.53, with a volume of 358188 shares traded. The stock had previously closed at C$5.57.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Canaccord Genuity Group reduced their target price on Surge Energy from C$11.00 to C$10.50 in a research report on Tuesday, October 22nd. Cormark upgraded shares of Surge Energy to a “moderate buy” rating in a report on Monday, September 23rd. Raymond James raised shares of Surge Energy to a “moderate buy” rating in a research note on Thursday, October 17th. BMO Capital Markets increased their price target on Surge Energy from C$10.00 to C$11.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Finally, Acumen Capital increased their target price on shares of Surge Energy from C$12.25 to C$12.75 and gave the company a “strong-buy” rating in a research report on Thursday, August 1st. Three investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of C$11.43.

Surge Energy Price Performance

The company has a debt-to-equity ratio of 29.47, a current ratio of 0.50 and a quick ratio of 0.40. The company has a 50 day moving average price of C$6.09 and a 200 day moving average price of C$6.66. The firm has a market cap of C$548.75 million, a PE ratio of 3.44, a PEG ratio of 0.59 and a beta of 2.54.

Surge Energy Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be paid a dividend of $0.0433 per share. This is an increase from Surge Energy’s previous monthly dividend of $0.04. The ex-dividend date is Thursday, October 31st. This represents a $0.52 annualized dividend and a yield of 9.50%. Surge Energy’s payout ratio is 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.