Surge Energy Boosts Shareholder Returns and Reduces Debt
Company Announcements

Surge Energy Boosts Shareholder Returns and Reduces Debt

Surge Energy (TSE:SGY) has released an update.

Surge Energy Inc. has announced the sale of non-core assets for $37.4 million, significantly reducing their debt and enabling the acceleration of shareholder returns. The company is also increasing its base dividend and initiating a share buyback program, following the achievement of a net debt target below $250 million. These strategic moves come alongside the discovery of a large Sparky crude oil field, with updated 2024 guidance reflecting only a minor impact on projected cash flows.

For further insights into TSE:SGY stock, check out TipRanks’ Stock Analysis page.

Related Articles
TheFlySurge Energy price target lowered to C$8.50 from C$9 at Raymond James
TipRanks Canadian Auto-Generated NewsdeskSurge Energy Reveals Strong Q3 Financial Results
Austin AngeloSurge Energy Inc (ZPTAF) Q3 Earnings Cheat Sheet
Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App