KLR Group Raises Price Target on Synergy Resources (SYRG) to $9; Reiterates Buy
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KLR Group reiterated a Buy rating on Synergy Resources Corporation (NYSE: SYRG), and raised the price target to $9.00 (from $8.00), following an improvement in oil price realizations. Over the remainder of the year, Synergy plans to drill 19 gross well comprising nine Mid-Length wells on the Williams Pad and ten MidLength wells on the Kawata pad.
Analyst John Gerdes commented, "We are increasing our SYRG target price $1 to $9 per share due to a modest improvement in oil price realizations relative to NYMEX after this year. Specifically, we anticipate as the company’s production growth exceeds its volume commitments next year, exposure to stronger regional pricing should narrow Synergy’s NYMEX discount ~$1.50 to ~$8.50 per barrel."
Shares of Synergy Resources Corporation closed at $6.92 yesterday.
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