Canaccord Genuity Downgrades Synergy Resources Corp to Hold

Brokerage firm Canaccord Genuity Downgrades its rating on Synergy Resources Corp(NYSEMKT:SYRG). The shares have been rated Hold. Previously, the analysts had a Buy rating on the shares. The rating by Canaccord Genuity was issued on Apr 13, 2016.

In a different note, Citigroup said it Initiates Coverage on Synergy Resources Corp, according to a research note issued on Apr 4, 2016. The shares have been rated ‘Buy’ by the firm. On Mar 14, 2016, KLR Group said it Downgrades its rating on Synergy Resources Corp. The shares have been rated ‘Accumulate’ by the firm. On Mar 8, 2016, Stifel Nicolaus said it Maintains its rating on Synergy Resources Corp. In the research note, the firm Raises the price-target to $8.00 per share. The shares have been rated ‘Buy’ by the firm. On Feb 11, 2016, BMO Capital said it Maintains its rating on Synergy Resources Corp. In the research note, the firm Lowers the price-target to $12.00 per share. The shares have been rated ‘Outperform’ by the firm.

Synergy Resources Corp (SYRG) shares turned negative on Fridays trading session with the shares closing down -0.23 points or -3.12% at a volume of 33,10,710. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $7.32. The peak price level was also seen at $7.32 while the days lowest was $6.95. Finally the shares closed at $7.14. The 52-week high of the shares is $12.94 while the 52-week low is $5.01. According to the latest information available, the market cap of the company is $785 M.

Synergy Resources Corp(SYRG) last announced its earnings results on Jan 7, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $26.14M. Analysts had an estimated revenue of $32.14M. Earnings per share were $-0.04.

Several Insider Transactions has been reported to the SEC. On Aug 17, 2015, Valerie Sue Dunn (Secretary) sold 5,000 shares at $10.21 per share price.Also, On Jun 2, 2015, Robert W Iii Noffsinger (director) sold 100,000 shares at $11.48 per share price.On May 8, 2015, Craig Duane Rasmuson (Chief Operating Officer) sold 10,000 shares at $12.19 per share price, according to the Form-4 filing with the securities and exchange commission.

Synergy Resources Corporation is a shell company. The Company is an oil and natural gas company. The Company is engaged in the acquisition development and production of crude oil and natural gas in and around the Denver-Julesburg Basin (D-J Basin) of Colorado. The D-J Basin has hydrocarbon-bearing deposits in several formations including the Niobrara Codell Greenhorn Shannon Sussex J-Sand and D-Sand. Its drilling and completion activities are focused in the Wattenberg Field an area that covers the western flank of the D-J Basin in Weld County Colorado. It is focused on the horizontal development of the Codell and Niobrara formations. The Company operates over 423 producing wells and participated as non-operators in approximately 159 producing wells. It has approximately 442000 gross and 342000 net acres under lease all of which are located in the greater D-J Basin. Its eastern Colorado mineral assets are located in Yuma and Washington counties.

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