Surge Energy reported quarterly EPS of C$0.04, twice the C$0.02 estimate. That’s a clear beat, but the operating results and outlook for Canadian crude producers matter too.
Surge Energy Inc. (TSX: SGY) reported results after the market closed on November 4, 2026, for the quarter ended September 30. EPS was C$0.04, compared with the C$0.02 estimate, a 100% beat. The company’s recent results have been mixed: it beat estimates in two of its last four reported quarters, including C$0.68 versus C$0.55 in June, and missed in March and December. The supplied data doesn’t include quarterly revenue or margins, so the EPS result alone doesn’t show what drove the beat.
Recent earnings trend
Surge Energy Inc.
SGY.TO
SGY.TO
Surge Energy Inc.
WealthAwesomeMarket cap
$1.00B
P/E
24.7x
52W high
$13.35
52W low
$6.16
1W change
-13.36%
Beta
0.67
Analyst Price Targets
Based on analyst covering SGY · as of Nov 10, 2026
Wall Street analysts forecast SGY stock price to rise 49.2% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$15.10
+49.2% Upside
Previously C$15.05 on Oct 29, 2026
Current Price
C$10.12
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
44.6%
Annualized
90-Day Vol
41.3%
Annualized
Trend (90d)
-12.3%
Annualized drift
90d Mean
C$9.69
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$9.97 | C$8.55 – C$11.63 |
| 60 trading days | C$9.83 | C$7.91 – C$12.22 |
| 90 trading days | C$9.69 | C$7.42 – C$12.64 |
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% |
Surge is a Western Canadian oil and gas producer focused on light and medium crude. Its results depend on commodity prices, production and costs, rather than refining margins. For more on the company, visit the Surge Energy stock page.
Investor takeaway: The 100% EPS beat is good news, but it doesn’t prove that earnings have moved to a higher level. Recent results have been uneven, and the supplied data doesn’t include revenue or margins to explain this quarter. Investors should look at operating performance and whether Surge can turn crude prices and production into lasting cash flow. The shares closed at C$10.12 on November 9, below their 50-day moving average of C$11.82 and above their 200-day average of C$9.87.
C$0.04 EPS versus C$0.02 expected
Surge’s September-quarter EPS was 100% above the estimate, which was C$0.02. Its results over the last four reported quarters were split evenly: two beats and two misses.
Bull case
Surge beat the latest EPS estimate, as it did in the prior quarter. Its focus on Canadian production gives investors direct exposure to oil prices, and its light and medium crude production may appeal to investors looking for an upstream producer rather than a downstream business. Analyst targets suggest potential upside from the November 9 close, but targets are estimates, not guarantees.
Bear case
The latest beat follows two misses in the previous four quarters, including a sharp miss in March. The supplied data has no quarterly revenue, margins or operating details, making it hard to judge how strong or repeatable the result was. As of the supplied market data, the share price was down 13.36% over one week and 15.53% over one month. Oil producers also face commodity-price and operating risks.
Analysis
Surge reported EPS of C$0.04 for the quarter ended September 30, against an estimate of C$0.02. That’s a 100% positive surprise. The company also beat estimates in June, reporting EPS of C$0.68 against C$0.55, but missed in March and December. That makes two beats and two misses across the last four reported quarters. The automatically inserted earnings trend table and chart show the quarter-by-quarter comparison. The supplied data doesn’t include September-quarter revenue or margins, so it doesn’t explain what drove the EPS result.
Analysis
Surge explores for and produces light and medium crude in Western Canada. Its earnings are therefore sensitive to commodity prices, production and operating costs. A quarterly EPS beat is encouraging, but investors need operating and cash-flow details to see whether it reflects stronger underlying performance or factors that may not last. The supplied company data shows a market capitalization of about C$1.00 billion, trailing EPS of C$0.41, a P/E ratio of about 24.7 and no dividend yield. These figures provide context, but don’t determine whether the shares are fairly valued or what returns investors can expect.
Analysis
The supplied analyst data shows an average target of C$15.10, compared with the November 9 close of C$10.12. That implies a 49.2% increase to the average target. The consensus is labelled bullish because the average target is above the last close. A formal rating isn’t available for Canadian listings. Targets are estimates and can change. See the analyst ratings section for more.
Analysis
Wealth Awesome’s statistical 90-day model gives a mean forecast of C$9.69. Its 68% range is C$7.42 to C$12.64, and its 95% range is C$5.69 to C$16.50. The model’s annualized drift is -12.3%, and its 30-day volatility reading is 44.6%. This is a statistical model, not financial advice or a guaranteed price target. See the price prediction section for details.
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