Surge Energy (TSE:SGY) Hits New 52-Week Low Following Analyst Downgrade

Surge Energy Inc. (TSE:SGY)’s stock price hit a new 52-week low on Monday after BMO Capital Markets lowered their price target on the stock from C$11.00 to C$9.00. The company traded as low as C$5.17 and last traded at C$5.21, with a volume of 117982 shares. The stock had previously closed at C$5.25.

Other analysts have also recently issued research reports about the company. Cormark raised Surge Energy to a “moderate buy” rating in a research report on Monday, September 23rd. Raymond James raised Surge Energy to a “moderate buy” rating in a research report on Thursday, October 17th. Canaccord Genuity Group cut their price objective on Surge Energy from C$11.00 to C$10.50 in a research report on Tuesday, October 22nd. Finally, National Bankshares boosted their price objective on Surge Energy from C$11.00 to C$11.25 in a research report on Friday, September 27th. Three equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Surge Energy has a consensus rating of “Buy” and an average price target of C$11.00.

Surge Energy Stock Performance

The firm has a fifty day simple moving average of C$5.86 and a 200 day simple moving average of C$6.39. The company has a current ratio of 0.50, a quick ratio of 0.40 and a debt-to-equity ratio of 29.47. The stock has a market cap of C$537.72 million, a price-to-earnings ratio of 3.31, 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 was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a $0.0433 dividend. This is a boost from Surge Energy’s previous monthly dividend of $0.04. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $0.52 annualized dividend and a yield of 9.69%. Surge Energy’s dividend 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.