Published On: Thu, Sep 8th, 2016

Synergy Resources Corp (SYRG) Price Target Cut to $10.00

Synergy Resources Corp (NASDAQ:SYRG) had its price target reduced by equities researchers at Simmons to $10.00 in a research note issued on Thursday. Simmons’ price objective points to a potential upside of 42.86% from the stock’s current price.
SYRG has been the subject of a number of other reports. Piper Jaffray Cos. initiated coverage on Synergy Resources Corp in a report on Thursday, June 23rd. They issued an “overweight” rating for the company. Zacks Investment Research upgraded Synergy Resources Corp from a “hold” rating to a “buy” rating and set a $8.00 target price for the company in a report on Wednesday, June 15th. KLR Group reiterated a “buy” rating and issued a $9.00 target price (up from $8.00) on shares of Synergy Resources Corp in a report on Tuesday, August 30th. Roth Capital reiterated a “hold” rating on shares of Synergy Resources Corp in a report on Tuesday, July 12th. Finally, Raymond James Financial Inc. started coverage on Synergy Resources Corp in a report on Friday, June 17th. They issued a “strong-buy” rating for the company. Three research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $8.06.
Several hedge funds have recently bought and sold shares of the company. BNP Paribas Arbitrage SA boosted its stake in Synergy Resources Corp by 282.1% in the second quarter. BNP Paribas Arbitrage SA now owns 62,923 shares of the company’s stock worth $419,000 after buying an additional 46,456 shares during the period. Capstone Asset Management Co. raised its position in Synergy Resources Corp by 60.6% in the second quarter. Capstone Asset Management Co. now owns 64,770 shares of the company’s stock worth $431,000 after buying an additional 24,440 shares in the last quarter. Gradient Investments LLC raised its position in Synergy Resources Corp by 145.8% in the second quarter. Gradient Investments LLC now owns 75,697 shares of the company’s stock worth $504,000 after buying an additional 44,904 shares in the last quarter. Nisa Investment Advisors LLC raised its position in Synergy Resources Corp by 6.2% in the second quarter. Nisa Investment Advisors LLC now owns 39,200 shares of the company’s stock worth $261,000 after buying an additional 2,300 shares in the last quarter. Finally, Eagle Asset Management Inc. raised its position in Synergy Resources Corp by 12.7% in the second quarter. Eagle Asset Management Inc. now owns 142,345 shares of the company’s stock worth $948,000 after buying an additional 16,001 shares in the last quarter.

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Synergy Resources Corp (NASDAQ:SYRG) traded up 1.14% on Thursday, hitting $7.08. The stock had a trading volume of 2,870,105 shares. Synergy Resources Corp has a 52-week low of $5.01 and a 52-week high of $12.24. The company’s market cap is $1.42 billion. The firm’s 50-day moving average is $6.63 and its 200-day moving average is $6.86.
Synergy Resources Corp (NASDAQ:SYRG) last released its quarterly earnings results on Thursday, August 4th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.02) by $0.04. The firm earned $23.90 million during the quarter, compared to analyst estimates of $24.90 million. The firm’s revenue for the quarter was down 15.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.02) EPS. Equities research analysts anticipate that Synergy Resources Corp will post ($0.08) earnings per share for the current fiscal year.
About Synergy Resources Corp
Synergy Resources Corporation is a shell company. The Company is an oil and natural gas company. The Company is engaged in the acquisition, development and production of crude oil and natural gas in and around the Denver-Julesburg Basin (D-J Basin) of Colorado. The D-J Basin has hydrocarbon-bearing deposits in several formations, including the Niobrara, Codell, Greenhorn, Shannon, Sussex, J-Sand and D-Sand.

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