The Globe and Mail reports in its Friday, July 4, edition that Raymond James analyst Luke Davis has upgraded his recommendation for Surge Energy to "outperform" from "market perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Davis gave his share target a $2 boost to $8. Analysts on average target the shares at $8.81. Mr. Davis says in a note: "We have upgraded Surge to 'outperform' from 'market perform' and increased our target price. ... We highlight continued operational momentum at Hope Valley and in SE SK, which likely presents some upside to our current estimates as capital efficiency improvements work through the business. In the context of the current oil pricing environment, we believe management may look to optimize capital spending and believe there is room to trim without materially impacting guidance figures. While leverage is above peers in out years, we think leverage is manageable and a strong hedge profile through 2025 provides a meaningful buffer." The Globe reported on Oct. 23 that Canaccord rated Surge Energy "buy." It was then worth $6.08. The Globe reported on April 10 that Mr. Davis rated Surge Energy "market perform." Surge Energy shares could then had for $5.07.