Canaccord Genuity Lowers Surge Energy (SGY) Price Target to C$2.25

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Surge Energy (TSE:SGY) had its target price cut by analysts at Canaccord Genuity from C$2.75 to C$2.25 in a research note issued on Wednesday. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity’s target price would indicate a potential upside of 63.04% from the company’s previous close.

A number of other research firms also recently commented on SGY. TD Securities cut their price objective on Surge Energy from C$2.00 to C$1.95 and set a “buy” rating on the stock in a report on Tuesday, January 15th. GMP Securities downgraded Surge Energy from a “buy” rating to a “hold” rating and cut their price objective for the stock from C$3.00 to C$1.85 in a report on Thursday, December 13th. National Bank Financial cut their price objective on Surge Energy from C$4.00 to C$2.50 and set an “outperform” rating on the stock in a report on Monday, December 10th. Raymond James restated an “outperform” rating and issued a C$2.50 price objective on shares of Surge Energy in a report on Tuesday, January 15th. Finally, CIBC cut their price objective on Surge Energy from C$3.00 to C$2.50 in a report on Thursday, November 22nd. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of C$2.46.

Surge Energy stock opened at C$1.38 on Wednesday. The stock has a market capitalization of $416.02 million and a PE ratio of -72.63. The company has a current ratio of 0.92, a quick ratio of 0.77 and a debt-to-equity ratio of 37.50. Surge Energy has a 12 month low of C$1.22 and a 12 month high of C$2.76.

Surge Energy Company Profile

Surge Energy Inc engages in the exploration, development, and production of oil and gas properties in western Canada. The company holds interests in the Valhalla/Wembley property located to the northwest of Grand Prairie in northwestern Alberta; the Nipisi property located to the north of the town of Slave Lake, in northwestern Alberta; and the Nevis property located to the east of Red Deer, Alberta.

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