Surge Energy Gets a Hold Rating from CIBC

Wall Street analyst has provided a rating update for the Materials sector company yesterday, while remaining neutral on the stock. Analyst David Popowich from CIBC rated Surge Energy (TSX: SGY) a Hold, setting a C$2.75 price target.

According to TipRanks.com, Popowich is ranked #1590 out of 4800 analysts.

Surge Energy has an analyst consensus of Moderate Buy, with a price target consensus of C$2.88.

Based on Surge Energy’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of C$1.11 million. In comparison, last year the company had a net profit of C$7.67 million.

Surge Energy, Inc. is an oil and gas exploration, development, and production company. It operates light and medium gravity crude oil properties, primarily in Alberta, Saskatchewan, and Manitoba characterized by oil in place, and crude oil reservoirs. The company was founded on January 26, 1998 and is headquartered in Calgary, Canada.

The company’s shares closed on Tuesday at C$2.56, close to its 52-week high of C$2.62.