Surge Energy (TSE:SGY) Trading Down 9.7% – Here’s Why

Surge Energy Inc. (TSE:SGY)’s share price was down 9.7% during trading on Wednesday . The stock traded as low as C$8.40 and last traded at C$8.40. Approximately 167,711 shares traded hands during trading, a decline of 83% from the average daily volume of 969,978 shares. The stock had previously closed at C$9.30.

Analyst Upgrades and Downgrades

Separately, Raymond James Financial upgraded Surge Energy from a “hold” rating to a “moderate buy” rating and increased their target price for the company from C$9.00 to C$11.00 in a research note on Monday, March 30th. One research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of C$9.75.

Surge Energy Price Performance

The company has a 50 day moving average of C$8.23 and a 200-day moving average of C$7.41. The stock has a market capitalization of C$841.14 million, a P/E ratio of 21.28, a PEG ratio of 0.59 and a beta of -0.21. The company has a quick ratio of 0.40, a current ratio of 0.78 and a debt-to-equity ratio of 33.64.

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

Insiders Place Their Bets

In other Surge Energy news, insider Jared Ducs sold 5,125 shares of the stock in a transaction on Monday, March 30th. The stock was sold at an average price of C$9.39, for a total value of C$48,123.75. Following the sale, the insider directly owned 127,356 shares of the company’s stock, valued at C$1,195,872.84. This trade represents a 3.87% decrease in their ownership of the stock. Also, insider Murray Bye sold 20,000 shares of the stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of C$9.64, for a total value of C$192,800.00. Following the completion of the sale, the insider directly owned 29,506 shares in the company, valued at C$284,437.84. This represents a 40.40% decrease in their ownership of the stock. Insiders have sold 34,124 shares of company stock valued at $317,955 over the last three months. Company 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.