Surge Energy (TSE:SGY) Posts Quarterly Earnings Results

Surge Energy (TSE:SGY) announced its quarterly earnings results on Wednesday. The company reported C($0.25) earnings per share (EPS) for the quarter, FiscalAI reports. Surge Energy had a net margin of 7.21% and a return on equity of 5.47%. The company had revenue of C$75.00 million during the quarter.

Surge Energy Trading Down 4.1%

Surge Energy stock traded down C$0.41 during trading on Wednesday, hitting C$9.67. The company’s stock had a trading volume of 1,008,216 shares, compared to its average volume of 1,001,074. The stock’s fifty day moving average is C$8.81 and its 200 day moving average is C$7.68. The company has a debt-to-equity ratio of 33.64, a quick ratio of 0.40 and a current ratio of 0.78. Surge Energy has a 1-year low of C$4.56 and a 1-year high of C$10.17. The stock has a market capitalization of C$955.79 million, a price-to-earnings ratio of 24.18, a P/E/G ratio of 0.59 and a beta of -0.12.

Surge Energy Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, May 15th. Shareholders of record on Friday, May 15th will be issued a $0.0433 dividend. The ex-dividend date is Thursday, April 30th. This represents a c) annualized dividend and a yield of 5.4%. Surge Energy’s payout ratio is 130.00%.

Wall Street Analysts Forecast Growth

Separately, Raymond James Financial raised Surge Energy from a “hold” rating to a “moderate buy” rating and raised their price objective 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 assigned a Buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of C$9.75.

Insider Buying and Selling

In other Surge Energy news, Director Allison Michelle Maher sold 8,999 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of C$8.56, for a total transaction of C$77,031.44. Following the completion of the sale, 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 ownership of the stock. Also, insider Murray Bye sold 20,000 shares of the stock in a transaction on Tuesday, March 31st. The shares were 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 owned 29,506 shares of the company’s stock, valued at approximately C$284,437.84. This represents a 40.40% decrease in their ownership of the stock. Over the last quarter, insiders sold 34,124 shares of company stock valued at $317,955. Insiders own 1.97% of the company’s stock.

About Surge Energy

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.