Surge Energy Inc. (SGY) to Issue Monthly Dividend of $0.04 on November 15th

Surge Energy Inc. (TSE:SGY) announced a monthly dividend on Tuesday, October 15th, TickerTech reports. Stockholders of record on Thursday, October 31st will be given a dividend of 0.0433 per share on Friday, November 15th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 8.55%. The ex-dividend date is Thursday, October 31st. This is a positive change from Surge Energy’s previous monthly dividend of $0.04.

Surge Energy Price Performance

SGY opened at C$6.08 on Thursday. The company has a debt-to-equity ratio of 29.47, a current ratio of 0.50 and a quick ratio of 0.40. The stock’s 50 day simple moving average is C$6.34 and its 200 day simple moving average is C$6.88. The firm has a market cap of C$609.95 million, a price-to-earnings ratio of 3.75, a PEG ratio of 0.59 and a beta of 2.54. Surge Energy has a 1 year low of C$5.51 and a 1 year high of C$9.77.

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

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on SGY shares. Cormark upgraded shares of Surge Energy to a “moderate buy” rating in a research report on Monday, September 23rd. National Bankshares boosted their price target on Surge Energy from C$11.00 to C$11.25 in a report on Friday, September 27th. BMO Capital Markets increased their price objective on Surge Energy from C$10.00 to C$11.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Finally, Acumen Capital boosted their target price on Surge Energy from C$12.25 to C$12.75 and gave the company a “strong-buy” rating in a research note on Thursday, August 1st. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of C$11.93.

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.