RE:National Bank upgrades SGYPossibly means that National Bank is financially involved in the next move, whether an acquisition, re-financing or a new issue, or a combination.
Keep in mind the lack of insider trades/possible blackout, read the tealeaves. These "analysts" too often support underwriting and financing. Nat Bank had an outperform on Poseidon almost up to the cease trading. They have had outperform ratings on Surge many times in the past, if I recall at equivalent prices close to $30.
Having said that, Paul has made acquisitions in the past that, on paper, support the dividend model - I'll still hold through whatever is coming.