Surge Energy (TSE:SGY) Share Price Passes Below Fifty Day Moving Average – Here’s Why

Surge Energy Inc. (TSE:SGY) passed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of C$9.32 and traded as low as C$9.25. Surge Energy shares last traded at C$9.29, with a volume of 869,765 shares traded.

Wall Street Analysts Forecast Growth

Separately, Raymond James Financial raised Surge Energy from a “hold” rating to a “moderate buy” rating and upped their target price for the company from C$9.00 to C$11.00 in a research report on Monday, March 30th. One research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company’s stock. According to data from MarketBeat, Surge Energy presently has a consensus rating of “Buy” and a consensus target price of C$9.75.

Surge Energy Stock Down 3.2%

The firm has a 50-day moving average price of C$9.32 and a 200 day moving average price of C$8.03. The company has a debt-to-equity ratio of 34.75, a current ratio of 0.58 and a quick ratio of 0.40. The company has a market cap of C$930.80 million, a price-to-earnings ratio of 132.71, a P/E/G ratio of 0.59 and a beta of -0.12.

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

Surge Energy Dividend Announcement

The business also recently declared a monthly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 15th were paid a $0.0433 dividend. This represents a c) annualized dividend and a dividend yield of 5.6%. The ex-dividend date was Thursday, April 30th. Surge Energy’s payout ratio is 742.85%.

Insider Buying and Selling

In related news, insider Murray Bye sold 20,000 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the insider directly owned 29,506 shares in the company, valued at approximately C$284,437.84. The trade was a 40.40% decrease in their ownership of the stock. Also, Director Allison Michelle Maher sold 8,999 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of C$8.56, for a total value of C$77,031.44. Following the completion of the sale, the director owned 17,612 shares of the company’s stock, valued at approximately C$150,758.72. This trade represents a 33.82% decrease in their ownership of the stock. In the last ninety days, insiders have sold 59,124 shares of company stock valued at $569,205. 1.97% of the stock is currently owned by corporate insiders.

About Surge Energy

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.