In a new report dated 1-30-2024 from Raymond James Equity Research based in Canada they rate SGY "Outperform 2" with a price target of $12.00Cdn, which translates to $8.88US for ZPTAF. < My current valuation is $10.50US.
RJ's Q4 2023 forecast is almost identical to my forecast with operating CFPS of $0.77 for the quarter. Their production forecasts for 2024 and 2025 are almost flat, while I forecast ~7% growth in 2024 and ~8.5% growth in 2025.
RJ's operating CFPS forecast for 2024 of $2.63Cdn compares to my forecast of $3.14Cdn.
I have been told that Surge's production did go over 25,000 Boepd earlier in Q4 than expected and they have reported outstanding Q4 well results.
Surge Energy (SGY-TSX) Price Target - Jan 31
Surge Energy (SGY-TSX) Price Target - Jan 31
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group