CIBC Keeps Their Hold Rating on Surge Energy

By Carrie Williams

Surge Energy (TSX: SGY), the Materials sector company, was revisited by a Wall Street analyst today. CIBC’s analyst David Popowich reiterates their Hold rating on the shares, with a C$2.25 price target.

According to TipRanks.com, Popowich is ranked #3245 out of 4573 analysts.

Currently, the analyst consensus on Surge Energy is Moderate Buy and the average price target is C$3.39, representing a 69.5% upside.

In a report issued on June 5, RBC Capital also reiterated a Hold rating on the stock with a C$3.25 price target.

The company has a one year high of C$3.45 and a one year low of C$1.97. Currently, Surge Energy has an average volume of 1.41M.

Surge Energy, Inc. is an oil and gas exploration, development and production company. It operates light and medium gravity crude oil properties, primarily in Alberta, Saskatchewan and Manitoba characterized by oil in place, crude oil reservoirs with low recovery factors. The company was founded on January 26, 1998 and is headquartered in Calgary, Canada.

The company’s shares closed last Tuesday at $2, close to its 52-week low of $1.97.