11:58:37 EST Fri 02 Dec 2022
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Surge Energy Inc (2)
Symbol SGY
Shares Issued 83,357,221
Close 2022-06-21 C$ 10.92
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Globe say Surge Energy, others seen making gains

2022-06-21 07:12 ET - In the News

Also In the News (C-ATH) Athabasca Oil Corp
Also In the News (C-CVE) Cenovus Energy Inc
Also In the News (C-PNE) Pine Cliff Energy Ltd
Also In the News (C-SDE) Spartan Delta Corp

The Globe and Mail attempts to identify companies in the energy sector with strong price momentum in its Tuesday, June 21, edition. The Globe's guest columnist Phil Dabo writes in the Number Cruncher column that all Canadian sectors are down year-to-date -- except for energy. The oil and gas sector has performed very well because of a supply shortage, which has prompted Goldman Sachs to increase its Brent oil price forecast by $10 (U.S.) to $135 (U.S.) a barrel for the second half of 2022 and the first half of 2023. Record profits are enabling oil producers to pay down debt. Mr. Dabo says this puts them in a much better position to pay sustainable dividends and withstand future oil price volatility. While some companies have seen their share price rise by more than 800 per cent since the beginning of 2021, the sector remains significantly cheaper than the S&P/TSX Composite Index, with a forward price-to-earnings of 7.8 compared with 12 for the S&P/TSX. Last week's 20-per-cent sell-off in the sector has provided a great entry point for momentum stocks. Energy companies in good financial shape showing good price momentum are Surge Energy, Athabasca Oil, Pine Cliff Energy, Spartan Energy and Cenovus Energy.

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