Surge Energy (TSE:SGY) Shares Down 17.2% After Analyst Downgrade

Surge Energy Inc (TSE:SGY) was down 17.2% during mid-day trading on Thursday after Raymond James lowered their price target on the stock from C$0.50 to C$0.40. Raymond James currently has an underperform rating on the stock. Surge Energy traded as low as C$0.23 and last traded at C$0.24, approximately 2,331,986 shares traded hands during mid-day trading. An increase of 150% from the average daily volume of 931,497 shares. The stock had previously closed at C$0.29.

A number of other research analysts have also issued reports on the stock. Stifel Firstegy lowered shares of Surge Energy from a “buy” rating to a “hold” rating in a report on Wednesday, March 11th. Laurentian Bank of Canada dropped their price objective on shares of Surge Energy from C$1.80 to C$1.65 in a report on Wednesday, February 12th. Scotiabank raised their price objective on shares of Surge Energy from C$1.25 to C$1.50 in a report on Tuesday, January 14th. Canaccord Genuity lowered shares of Surge Energy from a “buy” rating to a “hold” rating and dropped their price objective for the company from C$1.75 to C$0.60 in a report on Tuesday, March 10th. Finally, TD Securities dropped their price objective on shares of Surge Energy from C$1.80 to C$1.70 and set a “buy” rating for the company in a report on Wednesday, March 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of C$1.27.

In other news, Director Robert Allen Leach purchased 150,000 shares of the stock in a transaction on Tuesday, March 17th. The stock was purchased at an average price of C$0.32 per share, for a total transaction of C$48,000.00. Following the acquisition, the director now owns 988,849 shares in the company, valued at C$316,431.68.

The firm’s 50 day moving average price is C$0.70 and its two-hundred day moving average price is C$0.98. The company has a market cap of $91.37 million and a P/E ratio of -0.47. The company has a debt-to-equity ratio of 64.32, a quick ratio of 0.69 and a current ratio of 0.79.

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be paid a $0.001 dividend. The ex-dividend date of this dividend is Monday, March 30th. This represents a $0.01 annualized dividend and a dividend yield of 5.11%. Surge Energy’s dividend payout ratio is currently -19.96%.

Surge Energy Company Profile (TSE:SGY)

Surge Energy Inc engages in the exploration, development, and production of oil and gas in western Canada. It holds interest in the Greater Sawn Lake assets located in Northern Alberta; Nipisi property located to the north of the town of Slave Lake in northwestern Alberta; and Valhalla/Wembley property located to the northwest of Grand Prairie in northwestern Alberta.

Featured Story: Why Invest in Dividend Achievers?

Receive News & Ratings for Surge Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Surge Energy and related companies with MarketBeat.com's FREE daily email newsletter.