Q: Hi folks...thoughts on Q3 results for Surge Energy sgy/t....on results & guidance...would U rate Buy/Hold/Sell...thanks as always, jb Piedmont QC
5i Research Answer:
Revenue of $184.5M missed estimates of $187.7M. Production was 24,108 b/d, but guidance was affirmed at 25,000 b/d for year end. Operating cash flow rose 18%; debt declined by $25.5M. Production rose 13%. Per share cash flow did decline to 86c from 93c, largely on lower pricing. The balance sheet remains strong. We would rate it a buy on valuation. It was a decent but not overly eventful quarter.