Surge Energy (TSE:SGY) Stock Price Down 17.2% After Analyst Downgrade
Surge Energy Inc (TSE:SGY) shares dropped 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 trading. An increase of 150% from the average daily volume of 931,497 shares. The stock had previously closed at C$0.29.
Other equities research analysts have also issued reports about the stock. Scotiabank raised their price target on shares of Surge Energy from C$1.25 to C$1.50 in a report on Tuesday, January 14th. TD Securities cut their price objective on shares of Surge Energy from C$1.80 to C$1.70 and set a “buy” rating on the stock in a report on Wednesday, March 11th. Laurentian decreased their price objective on shares of Surge Energy from C$1.80 to C$1.65 in a research report on Wednesday, February 12th. National Bank Financial downgraded Surge Energy from an “outperform” rating to a “sector perform” rating and lowered their target price for the company from C$1.50 to C$0.65 in a research note on Tuesday, March 10th. Finally, Laurentian Bank of Canada lowered their target price on Surge Energy from C$1.80 to C$1.65 in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of C$1.27.
In related news, Director Robert Allen Leach purchased 150,000 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The stock was acquired at an average price of C$0.32 per share, with a total value of C$48,000.00. Following the completion of the transaction, the director now owns 988,849 shares of the company’s stock, valued at C$316,431.68.
The company also recently disclosed a monthly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be issued a $0.001 dividend. This represents a $0.01 annualized dividend and a yield of 5.11%. The ex-dividend date is Monday, March 30th. 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.
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