Surge Energy Inc. (TSE:SGY) to Issue Monthly Dividend of $0.04

Surge Energy Inc. (TSE:SGY) declared a monthly dividend on Tuesday, October 15th, TickerTech reports. Stockholders of record on Thursday, October 31st will be paid a dividend of 0.0433 per share on Friday, November 15th. This represents a $0.52 annualized dividend and a dividend yield of 8.72%. The ex-dividend date is Thursday, October 31st. This is a boost from Surge Energy’s previous monthly dividend of $0.04.

Surge Energy Price Performance

Shares of SGY stock opened at C$5.96 on Wednesday. The company has a current ratio of 0.50, a quick ratio of 0.40 and a debt-to-equity ratio of 29.47. Surge Energy has a twelve month low of C$5.51 and a twelve month high of C$9.77. The firm has a fifty day simple moving average of C$6.23 and a 200-day simple moving average of C$6.76. The company has a market capitalization of C$597.91 million, a PE ratio of 3.68, a price-to-earnings-growth ratio of 0.59 and a beta of 2.54.

Surge Energy (TSE:SGY) last issued its quarterly earnings results on Tuesday, July 30th. The company reported C$0.32 EPS for the quarter, missing the consensus estimate of C$0.34 by C($0.02). Surge Energy had a negative return on equity of 10.03% and a negative net margin of 14.28%. The company had revenue of C$173.17 million for the quarter, compared to the consensus estimate of C$174.40 million.

Analysts Set New Price Targets

SGY has been the subject of a number of research analyst reports. Canaccord Genuity Group lowered their price target on Surge Energy from C$11.00 to C$10.50 in a report on Tuesday, October 22nd. Raymond James raised shares of Surge Energy to a “moderate buy” rating in a report on Thursday, October 17th. National Bankshares raised their price target on shares of Surge Energy from C$11.00 to C$11.25 in a research report on Friday, September 27th. Acumen Capital boosted their price objective on shares of Surge Energy from C$12.25 to C$12.75 and gave the company a “strong-buy” rating in a research report on Thursday, August 1st. Finally, Cormark raised shares of Surge Energy to a “moderate buy” rating in a report on Monday, September 23rd. Three research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of C$11.43.

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.