The stock of Surge Energy Inc (TSE:SGY) gapped up by $0.01 today and has $4.34 target or 55.00% above today’s $2.80 share price. The 6 months technical chart setup indicates low risk for the $619.73 million company. The gap was reported on Nov, 21 by Barchart.com. If the $4.34 price target is reached, the company will be worth $340.85M more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 905,577 shares traded hands. Surge Energy Inc (TSE:SGY) has risen 24.55% since April 15, 2016 and is uptrending. It has outperformed by 20.69% the S&P500.
Surge Energy Inc (TSE:SGY) Ratings Coverage
Out of 9 analysts covering Surge Energy Inc (TSE:SGY), 5 rate it a “Buy”, 1 “Sell”, while 3 “Hold”. This means 56% are positive. $4.25 is the highest target while $2 is the lowest. The $2.90 average target is 3.57% above today’s ($2.8) stock price. Surge Energy Inc has been the topic of 20 analyst reports since November 10, 2015 according to StockzIntelligence Inc. On Thursday, December 10 the stock rating was maintained by RBC Capital Markets with “Sector Perform”. Canaccord Genuity downgraded the shares of SGY in a report on Tuesday, January 19 to “Speculative Buy” rating. The rating was maintained by Scotia Capital with “Sector Perform” on Friday, July 22. TD Securities maintained it with “Buy” rating and $3.25 target price in Friday, July 22 report. As per Wednesday, June 15, the company rating was initiated by IBC. The stock has “Sector Perform” rating given by RBC Capital Markets on Wednesday, September 7. Mackie reinitiated it with “Buy” rating and $3 target price in Tuesday, January 12 report.
More news for Surge Energy Inc (TSE:SGY) were recently published by: Business.Financialpost.com, which released: “Surge Energy Inc upgraded as active drilling pays off” on September 28, 2016. Seekingalpha.com‘s article titled: “Surge Energy Is Back On Track” and published on July 25, 2016 is yet another important article.
Surge Energy Inc. is a Canada-based gas and oil exploration, development and production company. The company has a market cap of $619.73 million. The Company’s principal oil and natural gas producing properties are located in Alberta and Saskatchewan, and focused on over three core areas: Western Alberta, Southeast Alberta and Southwest Saskatchewan. It currently has negative earnings. The properties in Northern Alberta include Valhalla/Wembley, Nipisi, Windfall and Nevis.
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