Surge Energy Inc (Alberta) T.SGY

National taken out @ $ 9.33. New high Coming

[PUNJABI]

Initial iceberg orders were around $25k when those orders were taken out they came back with 5000 blocks visible and now those order(s) have been taken out too. National dumped 634841 today. At this time don't see more orders from them. One never knows that they can come back at a different price.

It touch a high of $9.47 but because of a block at $9.48 by CIBC buyers did not take that out yet. CIBC removed the block as I type






House Positions for C:SGY from 20220414 to 20220414

House	Bought	$Val	Ave	Sold	$Val	Ave	Net	$Net
1 Anonymous	595,365	5,555,187	9.331	168,157	1,567,214	9.32	427,208	-3,987,973
79 CIBC	409,395	3,819,749	9.33	177,632	1,657,416	9.331	231,763	-2,162,333
53 Morgan Stanley	78,600	733,572	9.333	200	1,887	9.435	78,400	-731,685
39 Merrill Lynch	51,438	478,800	9.308	15,900	148,334	9.329	35,538	-330,466
65 Goldman	7,000	65,240	9.32	0			7,000	-65,240
72 Credit Suisse	2,500	23,305	9.322	0			2,500	-23,305
33 Canaccord	11,400	106,328	9.327	10,210	94,657	9.271	1,190	-11,671
19 Desjardins	3,601	34,036	9.452	2,983	27,809	9.322	618	-6,227
14 ITG	834	7,755	9.299	250	2,337	9.348	584	-5,418
90 Barclays	500	4,731	9.462	0			500	-4,731
28 BBS	15,000	139,935	9.329	15,500	144,667	9.333	-500	4,732
57 Interactive	846	7,881	9.316	1,600	14,892	9.308	-754	7,011
5 Penson	23,272	216,992	9.324	24,122	224,503	9.307	-850	7,511
22 Fidelity	0			2,352	21,908	9.315	-2,352	21,908
13 Instinet	6,100	57,007	9.345	8,500	79,453	9.347	-2,400	22,446
88 Credential	0			7,500	69,735	9.298	-7,500	69,735
124 Questrade	3,540	33,020	9.328	14,452	134,759	9.325	-10,912	101,739
9 BMO Nesbitt	15,550	143,913	9.255	37,690	351,472	9.325	-22,140	207,559
85 Scotia	8,847	82,320	9.305	32,817	305,047	9.295	-23,970	222,727
2 RBC	14,370	133,852	9.315	81,610	757,542	9.282	-67,240	623,690
7 TD Sec	64,075	596,410	9.308	142,800	1,333,234	9.336	-78,725	736,824
80 National Bank	66,883	625,083	9.346	634,841	5,928,250	9.338	-567,958	5,303,167
TOTAL	1,379,116	12,865,116	9.329	1,379,116	12,865,116	9.329	0	0

 

[tsoprano24]

Punjabi, thanks for analysis. Spot on. Very good action today to take out a chunk like that. Curious as to seller and his reasoning along with who buyers might be. Very interesting times. T

[Al42]

Looks like we have lift off!!

[terroir]

Possibly another sign of an impending equity issue! The underwriters sell short to offset the shares they buy as part of the underwiting, particularly in a bought deal. I never completely understand the strategy, but I think it is a risk management strategy. Perhaps the bought deal price is below current prices. Specultation on my part, but why else would they be selling on the day their analyst

[Daytrader1959]

Surge is surging and this will for sure means we will see the qtr dividend reinstated very soon! So we are on track for a great year!

[brewster123]

Playing catch up....but perhaps Eric Nuttall is also buying in finally.  BTE is also up big time today

[PreludeSH]

If there is a bought deal to elimiate some debt then im good.  If its to make another acquistion then Im not good!

[Baystboy07]

There should be more than enough cash flow to pay down debt...there is no need for an equity issuance....that would be a kiss of death at this point amd lead to a huge sell off and damage investor confidence.  

[terroir]

I was around for many of the earlier deals that Paul orchestered. He always managed to make the numbers allow an increase of dividends through the deal. Once a deal maker, always a deal maker. At present his only currency is shares, either as straight payment as per the last deal, or by raising the cash component through a bought deal.  My speculation is the latter strategy, as most sellers

[Binkie]

Why would they need to issue stock? They are generating massive FCF, rapidly oaying down debt and  are talking ncib/dividend so I don't understand why you think they need to raise capital? Curious as why you are speculating about that?  Happy Easter 

[terroir]

The speculative argument for an asset acquisition and equity issue: 1) Insiders have not bought stock since January, a very unusual behaviour for Paul and the Board that is indicative of a black out period. 2) Blackouts are imposed on insiders whenever the company has unreleased information that would be deemed to have a material effect on stock prices, such as an acquisition, divestiture, equity

[daniel004]

I agree that something may be in the works. (although I'm skeptical Nat Bank would be engaging in a conflict of interest) Given SGY's lack of planned capital investment in their Valhalla and Greater Sawn properties, I'm still wondering about an asset sale. The March operations update clearly indicates managements enthusiasm for Sparky and SE Saskatchewan. "Surge plans to