Surge Energy (TSE:SGY) Price Target Cut to C$10.50 by Analysts at Canaccord Genuity Group

Surge Energy (TSE:SGY) had its target price dropped by equities research analysts at Canaccord Genuity Group from C$11.00 to C$10.50 in a research report issued on Tuesday, BayStreet.CA reports. Canaccord Genuity Group’s price objective would indicate a potential upside of 72.70% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. Raymond James raised Surge Energy to a “moderate buy” rating in a research report on Thursday, October 17th. Acumen Capital raised their price objective on Surge Energy from C$12.25 to C$12.75 and gave the stock a “strong-buy” rating in a research report on Thursday, August 1st. BMO Capital Markets upped their target price on Surge Energy from C$10.00 to C$11.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Cormark upgraded shares of Surge Energy to a “moderate buy” rating in a report on Monday, September 23rd. Finally, National Bankshares boosted their price target on shares of Surge Energy from C$11.00 to C$11.25 in a report on Friday, September 27th. Three investment 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, Surge Energy presently has an average rating of “Buy” and a consensus target price of C$11.43.

Surge Energy Price Performance

TSE SGY opened at C$6.08 on Tuesday. The company has a current ratio of 0.50, a quick ratio of 0.40 and a debt-to-equity ratio of 29.47. Surge Energy has a 1 year low of C$5.51 and a 1 year high of C$9.77. The company has a market cap of C$609.95 million, a PE ratio of 3.75, a PEG ratio of 0.59 and a beta of 2.54. The stock’s 50-day moving average price is C$6.30 and its two-hundred day moving average price is C$6.83.

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

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.