KLR Group Downgrades Synergy Resources Corporation (SYRG) to Accumulate

November 28, 2016 7:25 AM EST
Get Alerts SYRG Hot Sheet
Price: $8.71 --0%

Rating Summary:
    24 Buy, 6 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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KLR Group downgraded Synergy Resources Corporation (NYSE: SYRG) from Buy to Accumulate with a price target of $10.00.

Analyst John Gerdes commented, "We are downgrading SYRG from Buy to Accumulate. Our target price of $10 per share is unchanged. Synergy has appreciated ~35% since our mid-July upgrade and outperformed the group by ~20%. SYRG now has less than 20% upside to our target price thus requiring a downgrade to Accumulate.

Our ’17 production expectation of ~17.5 Mboepd is at the low end of company guidance (17.5-20 Mboepd). We anticipate Synergy scales Wattenberg development from a three-rig program in 2H/17 to a four-rig program in 2H/18."

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 $8.83 yesterday.

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