Raymond James Thinks Surge Energy’s Stock is Going to Recover

By Austin Angelo

The Materials sector company, Surge Energy (SGYResearch Report), has received a rating update from a Wall Street analyst today. Analyst Jeremy Mccrea from Raymond James remains bullish on the stock and has a C$1.75 price target.

According to TipRanks.com, Mccrea is ranked 0 out of 5 stars with an average return of -14.7% and a 31.0% success rate. Mccrea covers the Basic Materials sector, focusing on stocks such as Tamarack Valley Energy Ltd, Freehold Royalties Ltd, and Bellatrix Exploration.

Currently, the analyst consensus on Surge Energy is a Moderate Buy with an average price target of C$2.17, implying a 57.2% upside from current levels. In a report released yesterday, Canaccord Genuity also maintained a Buy rating on the stock with a C$2.25 price target.

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The company has a one-year high of C$2.76 and a one-year low of C$1.22. Currently, Surge Energy has an average volume of 1.34M.

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

The company’s shares closed on Thursday at C$1.38, close to its 52-week low of C$1.22.