Surge Energy (TSE:SGY) Price Target Raised to C$11.00

Surge Energy (TSE:SGY) had its target price increased by BMO Capital Markets from C$10.00 to C$11.00 in a research note released on Wednesday morning, BayStreet.CA reports. They currently have an outperform rating on the stock.

Surge Energy Stock Down 6.6 %

TSE SGY opened at C$6.38 on Wednesday. The company has a current ratio of 0.38, a quick ratio of 0.40 and a debt-to-equity ratio of 34.03. The stock’s 50 day moving average is C$6.99 and its two-hundred day moving average is C$7.02. The company has a market capitalization of C$641.70 million, a price-to-earnings ratio of 3.94, a PEG ratio of 0.59 and a beta of 2.66. Surge Energy has a 1-year low of C$5.89 and a 1-year high of C$9.77.

Surge Energy (TSE:SGY) last released its quarterly earnings data on Wednesday, May 8th. The company reported C($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of C$0.13 by C($0.17). The company had revenue of C$158.17 million for the quarter, compared to analyst estimates of C$158.95 million. Surge Energy had a negative net margin of 0.48% and a negative return on equity of 0.32%. Equities analysts forecast that Surge Energy will post 0.7599558 earnings per share for the current fiscal year.

Surge Energy Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st will be issued a dividend of $0.043 per share. This represents a $0.52 dividend on an annualized basis and a yield of 8.09%. This is an increase from Surge Energy’s previous monthly dividend of $0.04. The ex-dividend date of this dividend is Tuesday, July 30th. Surge Energy’s payout ratio is presently 29.63%.

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.