Surge Energy Inc (TSE:SGY) shares traded up 2.9% during mid-day trading on Thursday . The stock traded as high as C$2.10 and last traded at C$2.00. 1,035,919 shares were traded during mid-day trading, an increase of 38% from the average session volume of 751,852 shares. The stock had previously closed at C$2.06.
Several research analysts recently issued reports on the stock. Scotiabank upped their target price on shares of Surge Energy from C$2.50 to C$2.70 and gave the stock a “sector perform” rating in a research report on Thursday, November 16th. CIBC upped their target price on shares of Surge Energy from C$2.25 to C$2.50 in a research report on Thursday, November 16th. National Bank Financial cut their target price on shares of Surge Energy from C$3.25 to C$3.00 and set an “outperform” rating for the company in a research report on Friday, October 13th. Finally, Eight Capital lowered shares of Surge Energy from a “buy” rating to a “neutral” rating and cut their target price for the stock from C$2.90 to C$2.60 in a research report on Friday, October 27th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of C$2.97.
The stock has a market cap of $491.46, a P/E ratio of -50.00 and a beta of 0.26.
The firm also recently declared a monthly dividend, which will be paid on Monday, January 15th. Shareholders of record on Sunday, December 31st will be paid a $0.008 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This is an increase from Surge Energy’s previous monthly dividend of $0.01. This represents a $0.10 annualized dividend and a yield of 4.80%. Surge Energy’s payout ratio is currently -214.58%.
In other Surge Energy news, insider Daniel Curt Brown sold 13,000 shares of the business’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of C$2.04, for a total value of C$26,520.00. Insiders acquired 4,876 shares of company stock valued at $10,047 over the last three months.
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Surge Energy Company Profile
Surge Energy Inc is a Canada-based exploration and production company (E&P). The Company is positioned to provide shareholders with long term sustainability by exploiting its assets in a financially disciplined manner and by acquiring additional long life oil and gas assets of a similar nature. Its assets are comprised primarily of operated oil-weighted properties characterized by a promising original oil-in-place (OOIP) crude oil reservoirs with low recovery factors and an inventory of around 700 gross low risk development drilling locations and several water flood projects.
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