Surge Energy (TSE:SGY) Trading 6.8% Higher – Time to Buy?

Surge Energy Inc. (TSE:SGY)’s share price shot up 6.8% on Thursday . The company traded as high as C$9.44 and last traded at C$9.33. 263,361 shares changed hands during trading, a decline of 73% from the average session volume of 958,906 shares. The stock had previously closed at C$8.74.

Analyst Ratings Changes

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

Surge Energy Price Performance

The firm has a market cap of C$896.49 million, a P/E ratio of 22.68, a PEG ratio of 0.59 and a beta of 0.14. The business’s fifty day simple moving average is C$8.07 and its 200-day simple moving average is C$7.35. The company has a current ratio of 0.78, a quick ratio of 0.40 and a debt-to-equity ratio of 33.64.

Surge Energy (TSE:SGY) last announced its quarterly earnings results on Wednesday, March 4th. The company reported C$0.55 earnings per share (EPS) for the quarter. Surge Energy had a net margin of 7.21% and a return on equity of 5.47%. The firm had revenue of C$111.40 million for the quarter.

Insider Activity

In other news, insider Jared Ducs sold 5,125 shares of the business’s stock in a transaction dated 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 completion of the transaction, the insider owned 127,356 shares of the company’s stock, valued at approximately C$1,195,872.84. The trade was a 3.87% decrease in their ownership of the stock. Also, Director Allison Michelle Maher sold 8,999 shares of the stock in a transaction on Thursday, March 12th. The stock was sold at an average price of C$8.56, for a total transaction of C$77,031.44. Following the completion of the transaction, the director directly owned 17,612 shares in the company, valued at C$150,758.72. The trade was a 33.82% decrease in their position. In the last 90 days, insiders sold 34,124 shares of company stock worth $317,955. 1.97% of the stock is currently owned by insiders.

Surge Energy Company Profile

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.