Canaccord Genuity Raises Price Target on Synergy Resources (SYRG) as they Prepare for a Second Wattenberg Rig

Canaccord Genuity reiterates a Buy rating on Synergy Resources Corporation (NYSE: SYRG), and raised the price target to $15.00 (from $14.00), as SYRG plans to add a second rig in Wattenberg. Analyst Stephen Berman says that production should grow significantly with the increased activity and a greater share of drilling devoted to longer laterals.

Berman commented, "With ~93K net acres, including ~37K in the core of the Wattenberg Field, SYRG has significant exposure to the one of the best areas of the DJ Basin. We believe the company's experienced management team, enhanced with the recent addition of Lynn Peterson, and a very solid balance sheet nicely position it to exploit its quality asset base."

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 $12.43 yesterday.

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