I am recently retired and a beginner at self-directed investing. I joined the Inner Circle in September. I am faithfully reading your publications and working at balancing my portfolio. Thank you for all of the information!! I feel like I am learning lots.Given the current climate in the resource sector, particularly oil and gas, I am considering investing a little money in a riskier-than-conservative company or two.Would you please give me your insight on Surge Energy and Journey Energy? A friend has recommended them to me, but I am not feeling confident in his advice. Journey appears to be a very young company, which gives me concern. Thanks.
Surge Energy, $6.26, symbol SGY on Toronto (Shares outstanding: 219.8 million; Market cap: $1.4 billion; www.surgeenergy.ca), produces oil and gas in central and northwestern Alberta and southwestern Saskatchewan. Its output is 85% oil and 15% gas.
In the three months ended September 30, 2014, Surge produced 20,327 barrels of oil equivalent a day, up 69.3% from 12,008 barrels a year earlier. Acquisitions—including Longview Oil Corp., which Surge bought for $430 million in June 2014—were the main reason for the gain. Longview’s properties are near Surge’s holdings in southeastern Saskatchewan and central Alberta.
Cash flow jumped 60.4%, to $71.3 million from $44.5 million, as the increased output and higher natural gas prices offset lower oil prices. However, per-share cash flow fell 10.8%, to $0.33 from $0.37, as the company issued more shares to pay for acquisitions, boosting the total number outstanding by 79%.
Surge’s rising cash flow prompted it to raise its monthly dividend by 11.1% with the July 2014 payment, to $0.05 a..
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