KLR Group Downgrades Synergy Resources Corporation (SYRG) to Accumulate
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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."
Shares of Synergy Resources Corporation closed at $8.83 yesterday.
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