Canaccord Genuity Group Forecasts Strong Price Appreciation for Surge Energy (TSE:SGY) Stock

Surge Energy (TSE:SGY) had its price objective lifted by stock analysts at Canaccord Genuity Group from C$12.00 to C$13.00 in a research note issued on Tuesday,BayStreet.CA reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 29.74% from the company’s current price.

A number of other equities analysts also recently commented on SGY. Acumen Capital boosted their target price on shares of Surge Energy from C$13.25 to C$13.75 and gave the stock a “buy” rating in a report on Tuesday. Raymond James Financial boosted their target price on shares of Surge Energy from C$12.00 to C$13.00 and gave the stock an “outperform” rating in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of C$12.46.

Surge Energy Stock Up 6.5%

Shares of SGY stock traded up C$0.61 on Tuesday, hitting C$10.02. The stock had a trading volume of 1,887,103 shares, compared to its average volume of 978,146. The company has a quick ratio of 0.40, a current ratio of 0.58 and a debt-to-equity ratio of 34.75. The business has a 50 day moving average price of C$9.37 and a 200 day moving average price of C$8.09. The company has a market cap of C$1.00 billion, a PE ratio of 143.14, a P/E/G ratio of 0.59 and a beta of -0.12. Surge Energy has a one year low of C$5.35 and a one year high of C$10.46.

Surge Energy (TSE:SGY) last released its quarterly earnings data on Wednesday, May 6th. The company reported C($0.25) earnings per share for the quarter. The firm had revenue of C$75.00 million during the quarter. Surge Energy had a net margin of 1.39% and a return on equity of 1.01%.

Insider Activity

In other Surge Energy news, insider Jared Ducs sold 5,125 shares of the business’s stock in a transaction dated Monday, March 30th. The shares were sold at an average price of C$9.39, for a total value of C$48,123.75. Following the completion of the transaction, the insider directly owned 127,356 shares in the company, valued at approximately C$1,195,872.84. The trade was a 3.87% decrease in their ownership of the stock. Also, insider Murray Bye sold 20,000 shares of the business’s stock in a transaction dated Tuesday, March 31st. The stock was sold at an average price of C$9.64, for a total value of C$192,800.00. Following the sale, the insider owned 29,506 shares in the company, valued at C$284,437.84. The trade was a 40.40% decrease in their position. Over the last three months, insiders have sold 59,124 shares of company stock valued at $569,205. Company insiders own 1.97% of the company’s stock.

Surge Energy Company Profile

Surge Energy Inc is engaged in the exploration, development, and production of oil and gas from properties in western Canada. The company generates its revenue from the sale of petroleum and natural gas products such as Oil, Natural gas liquids and Natural gas, of which a majority of the revenue is derived from the sale of oil.