ATB Cormark Capital Markets Forecasts Strong Price Appreciation for Surge Energy (TSE:SGY) Stock

Surge Energy (TSE:SGY) had its price objective upped by equities researchers at ATB Cormark Capital Markets from C$12.00 to C$13.00 in a report released on Tuesday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. ATB Cormark Capital Markets’ price objective points to a potential upside of 29.74% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. National Bank Financial upped their price target on Surge Energy from C$12.75 to C$13.50 and gave the stock an “outperform” rating in a research note on Tuesday. Acumen Capital upped their price target on Surge Energy from C$13.25 to C$13.75 and gave the stock a “buy” rating in a research note on Tuesday. Raymond James Financial upped their price target on Surge Energy from C$12.00 to C$13.00 and gave the stock an “outperform” rating in a research note on Tuesday. Finally, Canaccord Genuity Group upped their price target on Surge Energy from C$12.00 to C$13.00 and gave the stock a “buy” rating in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of C$12.46.

Surge Energy Stock Performance

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

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

Insiders Place Their Bets

In other Surge Energy news, Director Allison Michelle Maher sold 8,999 shares of the stock in a transaction on Thursday, March 12th. The stock was sold at an average price of C$8.56, for a total value of C$77,031.44. Following the completion of the transaction, the director owned 17,612 shares in the company, valued at approximately C$150,758.72. This represents a 33.82% decrease in their ownership of the stock. Also, insider Jared Ducs sold 5,125 shares of the stock in a transaction on Monday, March 30th. The stock was 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 owned 127,356 shares of the company’s stock, valued at C$1,195,872.84. The trade was a 3.87% decrease in their position. Over the last three months, insiders have sold 59,124 shares of company stock worth $569,205. 1.97% of the stock is owned by insiders.

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.