Surge Energy reported quarterly EPS of C$0.04, twice the C$0.02 estimate. It’s a clear beat, though the company’s recent earnings record has been mixed.
Surge Energy Inc. (TSX: SGY) released results after the market closed on November 4 for the quarter ended September 30, 2026. EPS was C$0.04, compared with the C$0.02 estimate, a 100% positive surprise. Surge beat estimates in two of its last four reported quarters. In June, EPS was C$0.68 versus C$0.55 expected; the company missed estimates in March and December. Surge is a Canadian oil and gas producer focused on light and medium crude in Western Canada, so production, costs and commodity prices all affect its earnings outlook. See the Surge Energy stock page for more company data.
Recent earnings trend
Surge Energy Inc.
SGY.TO
SGY.TO
Surge Energy Inc.
WealthAwesomeMarket cap
$1.02B
P/E
25.1x
52W high
$13.35
52W low
$6.16
1W change
-19.14%
Beta
0.67
Analyst Price Targets
Based on analyst covering SGY · as of Oct 29, 2026
Wall Street analysts forecast SGY stock price to rise 46.0% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$15.05
+46.0% Upside
Previously C$14.75 on Oct 26, 2026
Current Price
C$10.31
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on SGY's historical volatility
30-Day Vol
44.5%
Annualized
90-Day Vol
41.3%
Annualized
Trend (90d)
-5.3%
Annualized drift
90d Mean
C$10.12
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$10.25 | C$8.79 – C$11.94 |
| 60 trading days | C$10.18 | C$8.20 – C$12.65 |
| 90 trading days | C$10.12 | C$7.76 – C$13.20 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 1 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 2 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-12-31 | 2027-03-03 | — | 0.5200 | — |
| 2026-09-30 | 2026-11-04 | 0.0400 | 0.0200 | +100.0% |
| 2026-06-30 | 2026-07-29 | 0.6800 | 0.5500 | +23.6% |
| 2026-03-31 | 2026-05-06 | -0.2500 | -0.0500 | -400.0% |
| 2025-12-31 | 2026-03-04 | -0.0700 | 0.0700 | -200.0% |
| 2025-09-30 | 2025-11-07 | 0.0700 | 0.1800 | -61.1% |
Investor takeaway: The September-quarter beat is encouraging, but it doesn’t erase the uneven recent record or establish a new trend. The supplied results don’t include quarterly revenue or margins, so the EPS comparison is all we can assess here. Surge’s earnings history and exposure to Western Canadian oil and gas offer useful context. The earnings trend table and chart show quarter-by-quarter comparisons.
C$0.04 EPS, versus C$0.02 estimated
The 100% surprise reflects a small estimate base. Surge beat estimates in two of its last four reported quarters, so it’s best to view this as one encouraging result, not proof of a lasting trend.
Bull case
Surge’s C$0.04 EPS beat the C$0.02 estimate. The supplied data also show next-quarter consensus EPS of C$0.29 from one analyst, compared with year-ago EPS of C$0.07. The company’s Canadian production gives investors exposure to oil and gas prices.
Company news cited 2026 planning assumptions of US$75–US$80 WTI and tight Canadian differentials. It also projected adjusted funds flow of C$335 million and free cash flow of C$145 million. These are forecasts, not reported results, and depend on the assumptions holding.
Bear case
Surge’s recent earnings record is mixed: it beat estimates in two of the last four comparable quarters and missed in March and December. The next-quarter EPS consensus has fallen from C$0.33 to C$0.29 over the past 30 days, and it comes from just one analyst.
Shares closed at C$10.31, below the 50-day moving average of C$11.82 but above the 200-day average of C$9.87. The supplied performance data show a 19.14% decline over one week. Changes in commodity prices, differentials, production and costs can all affect an oil and gas producer like Surge.
Analysis
Surge reported EPS of C$0.04 for the quarter ended September 30, against an estimate of C$0.02. That’s a large percentage beat, but the difference is only C$0.02 per share.
In the prior reported quarter, EPS was C$0.68 versus C$0.55 expected, a 23.64% beat. Before that, Surge reported a March-quarter loss of C$0.25 against an estimated loss of C$0.05. In December, it reported a loss of C$0.07, matching the estimate. That adds up to two beats in the last four comparable quarters. The supplied data don’t include September-quarter revenue or margins, so this review focuses on EPS rather than drawing conclusions about broader operating performance.
Analysis
For the next fiscal period, the supplied consensus is EPS of C$0.29, compared with year-ago EPS of C$0.07. The estimate comes from one analyst and has declined from C$0.33 over the past 30 days. No analysts provided a revenue estimate in the supplied data.
Surge focuses on Canadian oil and gas production, including light and medium crude in Western Canada. Company news cited 2026 planning assumptions of US$75–US$80 WTI and tight Canadian differentials, along with projected adjusted funds flow of C$335 million and free cash flow of C$145 million. These are planning figures, not results for the September quarter.
Shares closed at C$10.31, below the 50-day moving average and above the 200-day average. The supplied performance snapshot shows a 19.14% decline over one week.
Analysis
The supplied average analyst target is C$15.05, compared with the last close of C$10.31. That implies a 46% increase. The source calls the consensus bullish based on the average target versus the last close, while noting that a formal rating isn’t available for Canadian listings. Analyst targets are estimates, not guarantees. See the analyst ratings section for details.
Analysis
Wealth Awesome’s statistical 90-day model gives a mean forecast of C$10.12. Its 68% range is C$7.76–C$13.20, and its 95% range is C$5.95–C$17.22. The model’s annualized drift is -5.3%, with a 30-day volatility measure of 44.5%.
These are model estimates, not analyst targets or financial advice. The wide ranges reflect uncertainty. See the price prediction section for details.
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