Surge Energy (SGY) Receives a Buy from BMO Capital


According to The Fly, shares of Surge Energy (TSX: SGY) were revisited by a Wall Street analyst yesterday. Analyst Ray Kwan from BMO Capital rated Surge Energy (TSX: SGY) a Buy, setting a C$3 price target.

According to TipRanks.com, Kwan is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -8.0% and a 34.8% success rate. Kwan covers the Basic Materials sector, focusing on stocks such as Tamarack Valley Energy Ltd, Crescent Point Energy, and NuVista Energy Ltd.

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Currently, the analyst consensus on Surge Energy is a Moderate Buy with an average price target of C$3.35, representing a 69.2% upside. In a report issued on October 25, TD Securities also reiterated a Buy rating on the stock with a C$3 price target.

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Based on Surge Energy’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of C$3.02 million. In comparison, last year the company had a GAAP net loss of C$8.19 million.

Surge Energy, Inc. engages in the exploration, development, and production of oil and gas properties. 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 Monday at C$1.98.

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