Surge Energy (TSE:SGY) Stock Price Down 11.2% – Here’s Why

Surge Energy Inc. (TSE:SGY)’s stock price dropped 11.2% on Friday . The stock traded as low as C$4.44 and last traded at C$4.50. Approximately 865,525 shares changed hands during mid-day trading, an increase of 37% from the average daily volume of 630,749 shares. The stock had previously closed at C$5.07.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SGY. BMO Capital Markets lowered their target price on Surge Energy from C$11.00 to C$9.00 in a report on Friday, December 13th. Raymond James downgraded shares of Surge Energy from an “outperform” rating to a “market perform” rating and dropped their target price for the company from C$8.50 to C$6.00 in a research report on Wednesday.

Surge Energy Trading Down 11.2 %

The company has a current ratio of 0.66, a quick ratio of 0.40 and a debt-to-equity ratio of 31.48. The stock has a market capitalization of C$452.53 million, a price-to-earnings ratio of -5.64, a price-to-earnings-growth ratio of 0.59 and a beta of 2.54. The business has a 50 day simple moving average of C$5.52 and a 200-day simple moving average of C$5.72.

Surge Energy Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 15th will be issued a dividend of $0.0433 per share. The ex-dividend date is Monday, March 31st. This represents a $0.52 dividend on an annualized basis and a dividend yield of 11.55%. Surge Energy’s payout ratio is -65.21%.

Surge Energy Company Profile

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.