The Globe and Mail reports in its Friday, March 22, edition that BMO Nesbitt Burns analyst Jeremy McCrea reinstated coverage on Surge Energy with an "outperform" rating and $10 share target. The Globe's David Leeder writes that analysts on average target the shares at $11.25. Mr. McCrea says in a note: "When we look back at which companies were the best performers over a certain time period, they typically have common attributes: 1) A material change in underlying asset performance; 2) an inexpensive valuation; and 3) are 'off-the-radar,' setting up a favourable entry point. For Surge, we see the potential for outsized gains given this backdrop -- especially if WTI prices improve. With better well performance lately in both the Sparky and Frobisher formations, and the potential for higher 'value additive' growth, investors have a lot to look forward to." The Globe reported on March 12, 2021, that Mr. McCrea upgraded Surge to "market perform" from "underperform" when it was worth $7.10. The Globe reported on Aug. 27, 2021, that Mr. McCrea rated Surge "outperform." The shares could then be had for $4.27. The Globe reported on Jan. 11, 2024, that National Bank rated Surge "outperform." It was then worth $6.28.