{"id":15604,"date":"2019-03-18T15:03:21","date_gmt":"2019-03-18T19:03:21","guid":{"rendered":"https:\/\/capital10x.com\/old\/?p=15604"},"modified":"2019-03-18T15:03:21","modified_gmt":"2019-03-18T19:03:21","slug":"surge-energy-sgy","status":"publish","type":"post","link":"https:\/\/capital10x.com\/old\/surge-energy-sgy\/","title":{"rendered":"Will Surge Energy\u2019s Transformation Lead to Stock Upside"},"content":{"rendered":"

Shares of Surge Energy<\/strong> [stock_market_widget type=\"inline\" template=\"generic\" color=\"default\" assets=\"SGY\" markup=\"(TSE: {symbol} {currency_symbol}{price} ({change_pct}))\" api=\"yf\"] have declined substantially since October last year as the oil pricing scenario took a turn for the worse. In fact, the stock is down 43% in the past six months despite making all the right moves in recent quarters that are boosting its production.<\/p>\n

Surge was successful in transforming its business last year, but it was a victim of the circumstances. But there\u2019s a good chance the company could stage a comeback this year as oil prices are now moving up.<\/p>\n

On the Right Path<\/strong><\/h2>\n

Surge\u2019s total revenue<\/a> shot up 26% in 2018 to $304.5 million thanks to a nice bump in production. The company\u2019s production stood at 18,058 barrels of oil equivalent per day last year, an increase of 21% from 2017 levels.<\/p>\n

Surge witnessed a 7% increase in oil<\/a> prices during the year to $55.88 per barrel, while the price of natural gas liquids increased 20% throughout the year. However, a 51% decline in the price of natural gas weighed on the company\u2019s growth to some extent. Lower natural gas prices also impacted its operating netback, which fell 5% last year to $21.73 per barrel of oil equivalent. This also impacted Surge\u2019s funds flow from operations.<\/p>\n

However, investors should note that Surge\u2019s acquisition<\/a> of Mount Bastion Oil & Gas in the fourth quarter of 2018 positively impacted the company\u2019s output. The good part is that this acquisition is going to drive Surge\u2019s results once again this year as the company\u2019s outlook suggests. Let\u2019s take a look.<\/p>\n

Surge is Adopting the Right Strategy <\/strong><\/h2>\n

Surge has decided to be conservative with its capital outlay this year in light of the volatility it experienced in oil prices last year. As a result, the company has decided to reduce<\/a> its outlay on exploration and development to $100 million in 2019 from $120.5 million last year.<\/p>\n

But Surge\u2019s reduced capex won\u2019t be impacting its production profile, as the company expects to achieve average production of 22,000 barrels of oil equivalent per day in 2019. That would be a nice jump of nearly 22% over last year\u2019s production<\/a> levels.<\/p>\n

Also, Surge\u2019s production boost will be complemented by its disciplined cost profile. The company anticipates operating costs in the range of $15.45-$15.95 per BOE this year, which translates into a mid-single-digit increase over last year\u2019s operating expenses of $14.76\/BOE. Transportation expenses will remain consistent on a year over year basis, while general and administrative costs are forecasted to decline nearly 10%.<\/p>\n

Now, oil prices have been rising<\/a> thanks to a variety of factors such as supply cuts, sanctions on certain countries, and higher demand. So it won\u2019t be surprising if Surge enjoys higher oil prices as the year progresses.<\/p>\n

That\u2019s probably why analysts expect<\/a> the company to swing to a small profit this year after last year\u2019s loss, driven by a solid jump in the top line. So it is quite likely that Surge Energy stock will move higher going forward, making it a good play for investors looking for a fast-growing oil company.<\/p>\n","protected":false},"excerpt":{"rendered":"

A smart strategy of boosting production and keeping costs low will be a catalyst for Surge Energy’s (TSE: SGY) stock price to go up.<\/p>\n","protected":false},"author":8,"featured_media":15444,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[60],"tags":[113,208,192,190,437,427],"class_list":{"0":"post-15604","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-energy","8":"tag-capital-expenditure","9":"tag-company-news","10":"tag-energy-stocks","11":"tag-oil","12":"tag-sgy","13":"tag-surge-energy"},"acf":[],"yoast_head":"\nWill Surge Energy\u2019s Transformation Lead to Stock Upside (TSE: SGY) | Capital 10X<\/title>\n<meta name=\"description\" content=\"A smart strategy of boosting production and keeping costs low will be a catalyst for Surge Energy's (TSE: SGY) stock price to go up.\" \/>\n<meta name=\"robots\" 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