Some Traders Are Very Bullish on Surge Energy Inc After Today’s Gap Up

 Some Traders Are Very Bullish on Surge Energy Inc After Today's Gap Up

The stock of Surge Energy Inc (TSE:SGY) gapped up by $0.05 today and has $3.13 target or 4.00% above today’s $3.01 share price. The 8 months technical chart setup indicates low risk for the $755.02 million company. The gap was reported on Dec, 1 by Barchart.com. If the $3.13 price target is reached, the company will be worth $30.20M 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 1.58 million shares traded hands or 43.64% up from the average. Surge Energy Inc (TSE:SGY) has risen 16.67% since April 27, 2016 and is uptrending. It has outperformed by 10.74% 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 -3.65% below today’s ($3.01) stock price. Surge Energy Inc has been the topic of 20 analyst reports since November 10, 2015 according to StockzIntelligence Inc. The rating was initiated by IBC with “Underperform” on Wednesday, June 15. TD Securities maintained the stock with “Buy” rating in Friday, July 22 report. The stock of Surge Energy Inc (TSE:SGY) earned “Sector Perform” rating by Scotia Capital on Friday, July 22. Mackie reinitiated Surge Energy Inc (TSE:SGY) rating on Tuesday, January 12. Mackie has “Buy” rating and $3 price target. RBC Capital Markets maintained it with “Sector Perform” rating and $2.75 target price in Wednesday, September 7 report. The rating was maintained by RBC Capital Markets on Thursday, December 10 with “Sector Perform”. The stock of Surge Energy Inc (TSE:SGY) has “Speculative Buy” rating given on Tuesday, January 19 by Canaccord Genuity.

Another recent and important Surge Energy Inc (TSE:SGY) news was published by Business.Financialpost.com which published an article titled: “Surge Energy Inc upgraded as active drilling pays off” on September 28, 2016.

Surge Energy Inc. is a Canada-based gas and oil exploration, development and production company. The company has a market cap of $755.02 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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