Surge Energy (TSE:SGY) Shares Down 11.2% - Here's Why

Surge Energy Inc. (TSE:SGY - Get Free Report)'s share price was down 11.2% 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 Analyst Weigh In

Separately, Raymond James downgraded Surge Energy from an "outperform" rating to a "market perform" rating and dropped their price target for the stock from C$8.50 to C$6.00 in a research note on Wednesday, April 9th.

Surge Energy Trading Up 0.4 %

The company has a market capitalization of C$482.70 million, a price-to-earnings ratio of -6.02, a price-to-earnings-growth ratio of 0.59 and a beta of 2.54. The business's 50 day simple moving average is C$5.48 and its 200 day simple moving average is C$5.69. The company has a debt-to-equity ratio of 31.48, a current ratio of 0.66 and a quick ratio of 0.40.

Surge Energy Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Thursday, May 15th will be paid a dividend of $0.0433 per share. This represents a $0.52 annualized dividend and a yield of 10.83%. The ex-dividend date of this dividend is Wednesday, April 30th. Surge Energy's dividend payout ratio is presently -65.21%.

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.