Credit Suisse Starts Synergy Resources Corporation (SYRG) at Outperform
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Credit Suisse initiates coverage on Synergy Resources Corporation (NYSE: SYRG) with a Outperform rating and a price target of $9.00, saying it offers pure play Wattenberg exposure at a discount.
Analyst Mark Lear commented, "Following SYRG's acquisition of 33.1k net acres within its core Greeley Crescent development area from NBL back in May, the company now estimates it has over 1,000 gross longer lateral drilling locations in that area alone. This represents ~10 years of core inventory assuming a more rapid 2017 drilling program calling for 68 gross Mid-Length (ML) wells and 34 gross Long-Length (LL) wells. The company also retains additional inventory within its 47k total net acres in the Wattenberg Fairway, while another 52k net acres in the Northeast Extension area represents further upside potential in an improved commodity price environment."
Shares of Synergy Resources Corporation closed at $5.88 yesterday.
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