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Surge Energy Inc (2)
Symbol SGY
Shares Issued 91,545,382
Close 2022-11-25 C$ 9.52
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Globe says McCrea sees lots of upside at Surge Energy

2022-11-25 08:23 ET - In the News

The Globe and Mail reports in its Friday edition that Raymond James analyst Jeremy McCrea still sees lots of upside left at Surge Energy, even though the shares are up more than 100 per cent this year. The Globe's Darcy Keith writes that part of the reason for Mr. McCrea's optimism is Surge's $245-million purchase of Enerplus's Canadian assets earlier this month. "The acquisition Surge announced adds size," says the analyst, further building on Surge's holdings in its core areas. It also positions Surge to have a larger market cap, making it more likely to be added to the TSX Composite Index. He also notes interest in the name is quickly building with institutional investors, based on search enquiries on the Bloomberg terminal. His price target on the stock is $15, with an unchanged "outperform" recommendation. Analysts on average target the shares at $14.69. 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 Feb. 5, 2022, that Surge insiders were buying shares. It was then worth $6.64.

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