Surge Energy (TSE:SGY) Given New C$10.50 Price Target at Canaccord Genuity Group

Surge Energy (TSE:SGY) had its price target cut by Canaccord Genuity Group from C$11.00 to C$10.50 in a note issued to investors on Tuesday, BayStreet.CA reports. Canaccord Genuity Group’s price target would indicate a potential upside of 70.18% from the stock’s current price.

A number of other analysts also recently issued reports on SGY. Raymond James upgraded shares of Surge Energy to a “moderate buy” rating in a report on Thursday, October 17th. Cormark raised shares of Surge Energy to a “moderate buy” rating in a research note on Monday, September 23rd. BMO Capital Markets lifted their price objective on shares of Surge Energy from C$10.00 to C$11.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Acumen Capital lifted their price objective on shares of Surge Energy from C$12.25 to C$12.75 and gave the stock a “strong-buy” rating in a research note on Thursday, August 1st. Finally, National Bankshares lifted their price target on shares of Surge Energy from C$11.00 to C$11.25 in a research note on Friday, September 27th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of C$11.43.

Surge Energy Price Performance

Shares of SGY stock traded up C$0.12 on Tuesday, hitting C$6.17. 509,278 shares of the stock traded hands, compared to its average volume of 445,493. The firm has a market cap of C$618.97 million, a price-to-earnings ratio of 3.81, a PEG ratio of 0.59 and a beta of 2.54. Surge Energy has a 52 week low of C$5.51 and a 52 week high of C$9.77. The firm has a 50 day simple moving average of C$6.31 and a two-hundred day simple moving average of C$6.84. The company has a debt-to-equity ratio of 29.47, a current ratio of 0.50 and a quick ratio of 0.40.

Surge Energy (TSE:SGY) last announced its quarterly earnings data on Tuesday, July 30th. The company reported C$0.32 EPS for the quarter, missing the consensus estimate of C$0.34 by C($0.02). The firm had revenue of C$173.17 million for the quarter, compared to the consensus estimate of C$174.40 million. Surge Energy had a negative net margin of 14.28% and a negative return on equity of 10.03%.

About Surge Energy

Surge Energy Inc explores, develops, and produces oil and gas in western Canada. Its principal properties are located in the areas of Sparky, Southeast Saskatchewan, Carbonates, Valhalla, and Shaunavon in Alberta and Saskatchewan. The company was formerly known as Zapata Energy Corporation and changed its name to Surge Energy Inc in June 2010.