Surge Energy (SGY) Reaches New 12-Month High Following Dividend Announcement

Surge Energy (TSE:SGY) reached a new 52-week high during mid-day trading on Wednesday after the company announced a dividend. The company traded as high as C$2.63 and last traded at C$2.63, with a volume of 386455 shares changing hands. The stock had previously closed at C$2.56.

The newly announced dividend which will be paid on Friday, June 15th. Investors of record on Thursday, May 31st will be given a dividend of $0.008 per share. This is an increase from Surge Energy’s previous monthly dividend of $0.01. The ex-dividend date is Wednesday, May 30th. This represents a $0.10 annualized dividend and a yield of 3.53%.

SGY has been the topic of several research reports. TD Securities reduced their price target on shares of Surge Energy from C$3.25 to C$3.00 in a research report on Wednesday, February 14th. Canaccord Genuity upped their price target on shares of Surge Energy from C$3.25 to C$3.50 in a research report on Wednesday, May 9th. GMP Securities upped their price target on shares of Surge Energy from C$3.00 to C$3.50 in a research report on Wednesday, May 9th. BMO Capital Markets upped their price target on shares of Surge Energy from C$2.25 to C$3.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 9th. Finally, CIBC upped their price target on shares of Surge Energy from C$2.25 to C$2.75 in a research report on Wednesday.

Surge Energy (TSE:SGY) last released its earnings results on Tuesday, May 8th. The company reported C$0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$0.03 by C$0.26. Surge Energy had a negative net margin of 18.21% and a negative return on equity of 4.16%. The company had revenue of C$68.29 million for the quarter, compared to the consensus estimate of C$64.60 million.

In other Surge Energy news, Director Paul Colborne bought 25,000 shares of the business’s stock in a transaction on Thursday, March 29th. The shares were bought at an average cost of C$1.98 per share, for a total transaction of C$49,500.00. Over the last 90 days, insiders have acquired 83,061 shares of company stock worth $165,868.

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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