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

Surge Energy Inc. (TSE:SGY) declared a monthly dividend on Tuesday, October 15th, TickerTech reports. Investors of record on Thursday, October 31st will be given a dividend of 0.0433 per share on Friday, November 15th. This represents a $0.52 dividend on an annualized basis and a yield of 8.55%. The ex-dividend date of this dividend is Thursday, October 31st. This is a boost from Surge Energy’s previous monthly dividend of $0.04.

Surge Energy Trading Down 1.5 %

TSE SGY opened at C$6.08 on Thursday. Surge Energy has a 12 month low of C$5.51 and a 12 month high of C$9.77. The company has a current ratio of 0.50, a quick ratio of 0.40 and a debt-to-equity ratio of 29.47. The stock’s fifty day moving average price is C$6.34 and its 200-day moving average price is C$6.88. The stock has a market cap of C$609.95 million, a P/E ratio of 3.75, a P/E/G ratio of 0.59 and a beta of 2.54.

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

Wall Street Analysts Forecast Growth

SGY has been the topic of a number of recent analyst reports. Acumen Capital raised their price target 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. National Bankshares lifted their target price on Surge Energy from C$11.00 to C$11.25 in a report on Friday, September 27th. Cormark upgraded Surge Energy to a “moderate buy” rating in a research note on Monday, September 23rd. Finally, BMO Capital Markets increased their price objective on Surge Energy from C$10.00 to C$11.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of C$11.93.

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.