Surge Energy (TSE:SGY) Trading 6.8% Higher – Here’s What Happened

Surge Energy Inc. (TSE:SGY) traded up 6.8% during trading on Thursday . The stock traded as high as C$9.44 and last traded at C$9.33. 263,361 shares were traded during mid-day trading, a decline of 73% from the average session volume of 958,906 shares. The stock had previously closed at C$8.74.

Wall Street Analysts Forecast Growth

Separately, Raymond James Financial raised shares of Surge Energy from a “hold” rating to a “moderate buy” rating and upped their price objective for the company from C$9.00 to C$11.00 in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of C$9.75.

Surge Energy Stock Performance

The company has a debt-to-equity ratio of 33.64, a current ratio of 0.78 and a quick ratio of 0.40. The company has a 50 day moving average of C$8.07 and a two-hundred day moving average of C$7.35. The company has a market capitalization of C$896.49 million, a PE ratio of 22.68, a PEG ratio of 0.59 and a beta of 0.14.

Surge Energy (TSE:SGY) last posted its quarterly earnings results on Wednesday, March 4th. The company reported C$0.55 earnings per share for the quarter. Surge Energy had a return on equity of 5.47% and a net margin of 7.21%.The company had revenue of C$111.40 million for the quarter.

Insider Buying and Selling

In other news, insider Murray Bye sold 20,000 shares of the company’s stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of C$9.64, for a total transaction of C$192,800.00. Following the transaction, the insider directly owned 29,506 shares of the company’s stock, valued at C$284,437.84. This represents a 40.40% decrease in their ownership of the stock. Also, insider Jared Ducs sold 5,125 shares of the company’s stock in a transaction dated Monday, March 30th. The shares were sold at an average price of C$9.39, for a total transaction of C$48,123.75. Following the transaction, the insider owned 127,356 shares in the company, valued at C$1,195,872.84. This represents a 3.87% decrease in their position. Insiders sold a total of 34,124 shares of company stock worth $317,955 in the last three months. 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.