Surge Energy (TSE:SGY) Hits New 52-Week Low – Should You Sell?

Shares of Surge Energy Inc. (TSE:SGY) hit a new 52-week low on Tuesday . The stock traded as low as C$5.51 and last traded at C$5.53, with a volume of 358188 shares trading hands. The stock had previously closed at C$5.57.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Canaccord Genuity Group cut their target price on shares of Surge Energy from C$11.00 to C$10.50 in a report on Tuesday, October 22nd. Cormark upgraded shares of Surge Energy to a “moderate buy” rating in a research report on Monday, September 23rd. BMO Capital Markets increased their target price on shares of Surge Energy from C$10.00 to C$11.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Raymond James upgraded Surge Energy to a “moderate buy” rating in a report on Thursday, October 17th. Finally, Acumen Capital increased their price objective on Surge Energy from C$12.25 to C$12.75 and gave the stock a “strong-buy” rating in a report on Thursday, August 1st. Three research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of C$11.43.

Surge Energy Stock Up 3.1 %

The company’s fifty day simple moving average is C$6.05 and its 200 day simple moving average is C$6.63. The company has a quick ratio of 0.40, a current ratio of 0.50 and a debt-to-equity ratio of 29.47. The firm has a market capitalization of C$562.80 million, a PE ratio of 3.36, a price-to-earnings-growth ratio of 0.59 and a beta of 2.54.

Surge Energy Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be given a dividend of $0.0433 per share. The ex-dividend date is Thursday, October 31st. This is a positive change from Surge Energy’s previous monthly dividend of $0.04. This represents a $0.52 annualized dividend and a dividend yield of 9.26%. Surge Energy’s payout ratio is currently 32.10%.

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.