10:44:33 EST Fri 02 Dec 2022
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Surge Energy Inc (2)
Symbol SGY
Shares Issued 83,357,221
Close 2022-02-04 C$ 6.64
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Globe says Surge Energy sees upswell of insider buying

2022-02-07 08:52 ET - In the News

The Globe and Mail reports in its Saturday, Feb. 5, edition that Surge Energy ended 2021 producing 21,500 barrels of oil equivalent per day. The Globe's regular guest columnist Ted Dixon writes in the Who Is Buying and Selling column that this year, Surge hopes to reduce net debt to a range of $250-million to $265-million. At that point, Surge could visit the possibility of reinstating its dividend. While a lot will probably depend on oil prices, Mr. Dixon says insiders appear optimistic. Since Dec. 13, three insiders who are either officers or directors have spent a total of $523,540 buying shares in the market. Mr. Dixon says the buying helped put Surge back into Mr. Dixon's "Energy Top 30 Report." The Globe reported on March 12 that Raymond James analyst Jeremy McCrea upgraded Surge Energy to "market perform" from "underperform" when it was worth $7.10. The Globe reported on Aug. 27 that Mr. McCrea rated Surge Energy "outperform." The shares could then be had for $4.27. The Globe reported on Oct. 7 that Stifel analyst Robert Fitzmartyn had an unchanged "buy" recommendation for Surge Energy. Mr. Fitzmartyn called Surge Energy "a leveraged bet on crude oil." It could then be had for $5.25.

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