Surge Energy (TSE:SGY) Trading Down 11.2% – Time to Sell?

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

Wall Street Analysts Forecast Growth

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

Surge Energy Stock Performance

The business’s fifty day moving average is C$5.50 and its 200-day moving average is C$5.72. The company has a quick ratio of 0.40, a current ratio of 0.66 and a debt-to-equity ratio of 31.48. The company has a market cap of C$460.58 million, a PE ratio of -5.74, a P/E/G ratio of 0.59 and a beta of 2.54.

Surge Energy Dividend Announcement

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