Surge Energy (SGY) Receives “Buy” Rating from Industrial Alliance Securities
Industrial Alliance Securities reaffirmed their buy rating on shares of Surge Energy (TSE:SGY) in a report published on Friday. Industrial Alliance Securities currently has a C$4.00 price target on the stock.
A number of other research analysts have also recently commented on the company. Raymond James raised their price target on Surge Energy from C$3.25 to C$3.50 and gave the stock an outperform rating in a research report on Friday, September 7th. TD Securities raised their price target on Surge Energy from C$3.25 to C$3.50 and gave the stock a buy rating in a research report on Friday, September 7th. Finally, CIBC raised their price target on Surge Energy from C$2.75 to C$3.00 in a research report on Friday, July 20th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of Buy and an average price target of C$3.31.
Shares of TSE SGY opened at C$2.68 on Friday. Surge Energy has a 52 week low of C$1.58 and a 52 week high of C$2.76.
The firm also recently disclosed a monthly dividend, which was paid on Monday, September 17th. Investors of record on Monday, September 17th were paid a $0.0083 dividend. The ex-dividend date was Thursday, August 30th. This is a positive change from Surge Energy’s previous monthly dividend of $0.01. This represents a $0.10 annualized dividend and a yield of 3.72%.
In other news, Director Paul Colborne purchased 25,000 shares of the business’s stock in a transaction dated Thursday, July 19th. The shares were purchased at an average cost of C$2.47 per share, with a total value of C$61,750.00. Also, Director Keith Elliott Macdonald sold 17,805 shares of Surge Energy stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of C$2.12, for a total value of C$37,746.60. Insiders purchased 106,331 shares of company stock worth $254,042 over the last ninety days.
About Surge Energy
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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