Surge Energy Inc. (TSE:SGY) to Post FY2024 Earnings of $0.56 Per Share, Atb Cap Markets Forecasts

Surge Energy Inc. (TSE:SGY) – Equities researchers at Atb Cap Markets dropped their FY2024 earnings per share estimates for Surge Energy in a research note issued on Thursday, May 9th. Atb Cap Markets analyst A. Arif now forecasts that the company will post earnings per share of $0.56 for the year, down from their previous estimate of $0.62. The consensus estimate for Surge Energy’s current full-year earnings is $0.84 per share.

Other research analysts have also issued reports about the company. ATB Capital lowered their price target on Surge Energy from C$13.00 to C$10.50 and set an “outperform” rating for the company in a research report on Thursday, January 18th. Raymond James lowered their price target on Surge Energy from C$14.00 to C$12.00 and set an “outperform” rating for the company in a research report on Friday, January 19th. Finally, BMO Capital Markets set a C$10.00 price target on Surge Energy and gave the stock an “outperform” rating in a research report on Thursday, March 21st. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Surge Energy currently has a consensus rating of “Buy” and a consensus target price of C$11.79.

Surge Energy Price Performance

SGY stock opened at C$6.92 on Monday. The business has a fifty day moving average of C$7.42 and a two-hundred day moving average of C$7.24. The company has a quick ratio of 0.40, a current ratio of 0.38 and a debt-to-equity ratio of 34.03. The stock has a market cap of C$696.01 million, a price-to-earnings ratio of 4.27, a price-to-earnings-growth ratio of 0.59 and a beta of 2.66. Surge Energy has a 52-week low of C$5.89 and a 52-week high of C$9.77.

Surge Energy (TSE:SGY) last posted its earnings results on Wednesday, March 6th. The company reported C($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.24 by C($0.53). The business had revenue of C$168.45 million for the quarter, compared to analyst estimates of C$179.30 million. Surge Energy had a negative return on equity of 0.32% and a negative net margin of 0.50%.

Insider Activity at Surge Energy

In other Surge Energy news, Senior Officer Jared Andrew Renton Ducs sold 12,515 shares of Surge Energy stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of C$7.98, for a total transaction of C$99,869.70. 1.99% of the stock is currently owned by company insiders.

Surge Energy Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be issued a $0.04 dividend. The ex-dividend date of this dividend is Monday, April 29th. This represents a $0.48 dividend on an annualized basis and a yield of 6.94%. Surge Energy’s dividend payout ratio (DPR) is presently 29.63%.

Surge Energy Company Profile

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.