Surge Energy (TSE:SGY) Share Price Crosses Below 50-Day Moving Average – Here’s Why

Surge Energy Inc. (TSE:SGY)’s stock price passed below its fifty day moving average during trading on Wednesday . The stock has a fifty 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 changing hands.

Analyst Ratings Changes

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

Surge Energy Price Performance

The company has a market capitalization of C$942.83 million, a PE ratio of 134.43, a price-to-earnings-growth ratio of 0.59 and a beta of -0.12. The firm’s 50-day simple moving average is C$9.35 and its 200 day simple moving average is C$8.06. The company has a debt-to-equity ratio of 34.75, a quick ratio of 0.40 and a current ratio of 0.58.

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

Surge Energy Announces Dividend

The business also recently announced a monthly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 15th were given a dividend of $0.0433 per share. This represents a c) annualized dividend and a dividend yield of 5.5%. The ex-dividend date was Thursday, April 30th. Surge Energy’s payout ratio is presently 742.85%.

Insider Activity at Surge Energy

In other Surge Energy news, insider Margaret Ann Elekes sold 25,000 shares of the business’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of C$10.05, for a total transaction of C$251,250.00. Following the sale, the insider directly owned 129,921 shares in the company, valued at approximately C$1,305,706.05. The trade was a 16.14% decrease in their position. Also, insider Jared Ducs sold 5,125 shares of the business’s stock in a transaction on Monday, March 30th. The stock was sold at an average price of C$9.39, for a total transaction of C$48,123.75. Following the sale, the insider owned 127,356 shares in the company, valued at C$1,195,872.84. The trade was a 3.87% decrease in their ownership of the stock. Insiders have sold a total of 59,124 shares of company stock valued at $569,205 over the last 90 days. Company insiders own 1.97% of the company’s stock.

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.