Industrial Alliance Securities Reiterates Buy Rating for Surge Energy (SGY)
Other equities research analysts have also recently issued research reports about the company. CIBC boosted their price objective on Surge Energy from C$2.75 to C$3.00 in a research note on Friday, July 20th. Raymond James reiterated an outperform rating and issued a C$3.25 price objective on shares of Surge Energy in a research note on Monday, July 9th. Finally, TD Securities boosted their target price on Surge Energy from C$3.25 to C$3.50 and gave the company a buy rating in a report on Friday, September 7th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Surge Energy currently has an average rating of Buy and a consensus price target of C$3.31.
Shares of TSE SGY opened at C$2.56 on Friday. Surge Energy has a twelve month low of C$1.58 and a twelve month high of C$2.76.
The business also recently announced a monthly dividend, which was paid on Monday, September 17th. Stockholders of record on Monday, September 17th were issued a $0.0083 dividend. The ex-dividend date was Thursday, August 30th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 3.89%. This is a positive change from Surge Energy’s previous monthly dividend of $0.01.
In related news, Director Paul Colborne bought 25,000 shares of the company’s stock in a transaction dated Thursday, July 19th. The shares were acquired at an average price of C$2.47 per share, with a total value of C$61,750.00. Also, Director Keith Elliott Macdonald sold 17,805 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of C$2.12, for a total value of C$37,746.60. In the last three months, insiders bought 121,331 shares of company stock worth $286,892.
About Surge Energy
Surge Energy Inc engages in the exploration, development, and production of oil and gas properties in western Canada. The company holds interests in the Valhalla/Wembley property located to the northwest of Grand Prairie in northwestern Alberta; the Nipisi property located to the north of the town of Slave Lake, in northwestern Alberta; and the Nevis property located to the east of Red Deer, Alberta.
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