Canaccord Genuity Group Forecasts Strong Price Appreciation for Surge Energy (TSE:SGY) Stock

Surge Energy (TSE:SGY) had its price target lifted by stock analysts at Canaccord Genuity Group from C$12.00 to C$13.00 in a research report issued to clients and investors on Tuesday,BayStreet.CA reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 29.74% from the stock’s current price.

SGY has been the topic of several other research reports. Raymond James Financial increased their price target on shares of Surge Energy from C$12.00 to C$13.00 and gave the stock an “outperform” rating in a report on Tuesday. Acumen Capital increased their price target on shares of Surge Energy from C$13.25 to C$13.75 and gave the stock a “buy” rating in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of C$12.46.

Surge Energy Stock Performance

Shares of SGY traded up C$0.61 during trading hours on Tuesday, reaching C$10.02. 1,887,103 shares of the company traded hands, compared to its average volume of 978,146. The stock has a market capitalization of C$1.00 billion, a P/E ratio of 143.14, a P/E/G ratio of 0.59 and a beta of -0.12. The company has a quick ratio of 0.40, a current ratio of 0.58 and a debt-to-equity ratio of 34.75. Surge Energy has a 12-month low of C$5.35 and a 12-month high of C$10.46. The business has a fifty day moving average price of C$9.37 and a 200-day moving average price of C$8.09.

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

Insider Buying and Selling at Surge Energy

In related news, insider Margaret Ann Elekes sold 25,000 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of C$10.05, for a total value of C$251,250.00. Following the transaction, the insider owned 129,921 shares in the company, valued at approximately C$1,305,706.05. This represents a 16.14% decrease in their position. Also, Director Allison Michelle Maher sold 8,999 shares of the stock in a transaction that occurred 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 owned 17,612 shares in the company, valued at approximately C$150,758.72. This trade represents a 33.82% decrease in their position. Insiders have sold a total of 59,124 shares of company stock worth $569,205 in the last 90 days. Corporate insiders own 1.97% of the company’s stock.

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.