Imperial Capital Remains Bullish on Synergy Resources (SYRG) Following Acquisition and Letter of Intent
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Rating Summary:
18 Buy, 6 Hold, 0 Sell
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Up: 13 | Down: 11 | New: 11
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Imperial Capital reiterated an Outperform rating on Synergy Resources Corporation (NYSE: SYRG), and cut the price target to $7.50 (from $8.00), following the company's announced acquisition of 72,000 net acres in Weld County, Colorado from Noble Energy. The company also released a letter of intent to purchase Noble Energy’s Greely Crescent acreage, greatly improving the longer-term outlook for SYRG.
Analyst Kim Pacanovsky commented, "We are maintaining our Outperform rating on SYRG shares and lowering our one-year price target to $7.50 from $8, about 26% above the recent share price. SYRG’s recent announcement of its letter of intent (LOI) to purchase Noble Energy’s (NBL) Greely Crescent acreage greatly improves the longer-term outlook for SYRG by effectively doubling the company’s footprint in the core of the Wattenberg. In our opinion, the $505mn acreage package fits like a glove with SRYG’s existing acreage, and importantly, will allow for long lateral development in the future, which in turn should improve economics."
For an analyst ratings summary and ratings history on Synergy Resources Corporation click here. For more ratings news on Synergy Resources Corporation click here.
Shares of Synergy Resources Corporation closed at $5.94 yesterday.
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