Surge Energy (TSE:SGY) Stock Price Down 11.2% – Here’s What Happened

Surge Energy Inc. (TSE:SGY)’s stock price traded down 11.2% during mid-day trading on Thursday . The company traded as low as C$4.44 and last traded at C$4.50. 865,525 shares changed hands during trading, an increase of 37% from the average session volume of 630,749 shares. The stock had previously closed at C$5.07.

Analyst Ratings Changes

SGY has been the topic of a number of recent research reports. BMO Capital Markets lowered their target price on Surge Energy from C$11.00 to C$9.00 in a research note on Friday, December 13th. Raymond James cut Surge Energy from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from C$8.50 to C$6.00 in a research report on Wednesday.

Surge Energy Trading Up 1.8 %

The company has a debt-to-equity ratio of 31.48, a current ratio of 0.66 and a quick ratio of 0.40. The company has a market capitalization of C$460.58 million, a price-to-earnings ratio of -5.74, a P/E/G ratio of 0.59 and a beta of 2.54. The business’s 50-day moving average price is C$5.50 and its two-hundred day moving average price is C$5.72.

Surge Energy Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 15th will be given a dividend of $0.0433 per share. The ex-dividend date is Monday, March 31st. This represents a $0.52 dividend on an annualized basis and a dividend yield of 11.34%. Surge Energy’s payout ratio is -65.21%.

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.