Simmons Cuts Price Target on Synergy Resources (SYRG) to $10
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Simmons maintained an Overweight rating on Synergy Resources Corporation (NYSE: SYRG), and cut the price target to $10.00 (from $11.00), following the company's preliminary 2017 guidance announcement. Simmons has not changed its '16 and '17 earnings estimates from the modeling changes.
Analyst Pearce Hammond commented, "SYRG shares were up 7% today following the preliminary '17 guidance announcement. As a result of updated guidance, our '17 EBITDAX moves higher by 4%, but our '17 eps estimate remains unchanged. We have also updated our model for some new DJ Wattenberg Fairway well economics as well as the updated location count. Our PT/NAV drops to $10/sh from $11/sh, but the change is not that stark as the underlying change in the NAV was just 14c/sh (we round price targets to the nearest dollar). We continue to like SYRG for small cap E&P investors as the shares are trading at 8.2x '17E EV/EBITDAX vs. our E&P coverage group at 10.3x, yet the company should deliver outsized production growth in '17 (67% vs. our E&P coverage group at 4%). The shares offer 43% upside potential vs. our E&P coverage group at 16% upside."
Shares of Synergy Resources Corporation closed at $7.00 yesterday.
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