The Globe and Mail reports in its Tuesday, March 17, edition that BMO Nesbitt Burns analysts made a series of ratings changes for TSX-listed energy stocks.
The Globe's David Leeder writes in the Eye On Equities column that the firm downgraded Surge Energy (30 cents) to "market perform" from "outperform" with a 50-cent share target, down from $1.50. Analysts on average target the shares at $1.20. BMO analyst Ray Kwan says in a note, "While the company remains partially hedged for 2020, we estimate Surge's D/CF [debt-to-cash flow] at 3.8 times under our new price deck, compared to 2.1 times previously." The Globe reported on Sept. 22, 2018, edition that Industrial Alliance Securities analyst Michael Charlton rated Surge Energy "buy" in new coverage. It was then worth $2.68. The Globe reported on March 13, 2019, that Canaccord Genuity analyst Anthony Petrucci rated Surge "buy." It was then worth $1.38. The Globe reported on April 9, 2019, that Mr. Charlton continued to rate Surge Energy "buy." Mr. Charlton said he believed Surge Energy was poised to benefit from rising oil prices. It could then be had for $1.42.
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