Surge Energy (TSE:SGY) Shares Down 11.2% – Here’s Why

Surge Energy Inc. (TSE:SGY)’s share price fell 11.2% on Friday . The company traded as low as C$4.44 and last traded at C$4.50. 865,525 shares changed hands during mid-day trading, an increase of 37% from the average session volume of 630,749 shares. The stock had previously closed at C$5.07.

Analyst Ratings Changes

Separately, Raymond James cut shares of Surge Energy from an “outperform” rating to a “market perform” rating and lowered their target price for the company from C$8.50 to C$6.00 in a report on Wednesday.

Surge Energy Stock Up 1.8 %

The company’s 50 day simple moving average is C$5.50 and its 200-day simple moving average is C$5.72. The company has a debt-to-equity ratio of 31.48, a quick ratio of 0.40 and a current ratio of 0.66. The firm has a market capitalization of C$460.58 million, a PE ratio of -5.74, a PEG ratio of 0.59 and a beta of 2.54.

Surge Energy Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 15th will be paid a dividend of $0.0433 per share. This represents a $0.52 annualized dividend and a yield of 11.34%. The ex-dividend date is Monday, March 31st. Surge Energy’s dividend payout ratio is -65.21%.

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.