Undervalued Productivity Gains and Improving Economics Support Buy Rating on Surge Energy
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BMO Capital analyst Jeremy Mccrea has maintained a Buy rating on Surge Energy (ZPTAF), citing undervalued productivity gains and improving economics. He notes significant increases in well productivity, particularly in the Frobisher and Sparky plays, and highlights that recent Sparky wells are performing much better than last year. Mccrea believes the current valuation does not reflect Surge's cash flow potential and expects a decline in break-even levels as more profitable wells replace older production. TipRanks also initiated coverage with a Buy rating and a C$7.50 price target.
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