Synergy Resources Corp (SYRG) is Downgraded by Imperial Capital to In-line, Price Target at $6.50

Synergy Resources Corp (SYRG) was Downgraded by Imperial Capital to ” In-line” and the brokerage firm has set the Price Target at $6.50. Earlier the firm had a rating of “Outperform ” on the company shares. Imperial Capital advised their investors in a research report released on Aug 2, 2016.

Many Wall Street Analysts have commented on Synergy Resources Corp. Company shares were Upgraded by KLR Group on Jul 18, 2016 to ” Buy”, Firm has raised the Price Target to $ 9 from a previous price target of $7 .Synergy Resources Corp was Initiated by Simmons to “Overweight” on Jun 23, 2016. Synergy Resources Corp was Initiated by Raymond James to “Strong Buy” on Jun 17, 2016.

On the company’s financial health, Synergy Resources Corp reported $-0.41 EPS for the quarter, missing the analyst consensus estimate by $ -0.37 based on the information available during the earnings call on May 3, 2016. Analyst had a consensus of $-0.04. The company had revenue of $18.27 million for the quarter, compared to analysts expectations of $22.31 million. The company’s revenue was down -3.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.01 EPS.

Synergy Resources Corp opened for trading at $6.17 and hit $6.53 on the upside on Friday, eventually ending the session at $6.51, with a gain of 5.00% or 0.31 points. The heightened volatility saw the trading volume jump to 56,84,423 shares. Company has a market cap of $968 M.

In a different news, on May 23, 2016, Robert W Iii Noffsinger (director) sold 50,000 shares at $5.82 per share price. According to the SEC, on Aug 17, 2015, Valerie Sue Dunn (Secretary) sold 5,000 shares at $10.21 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.

Synergy Resources Corp

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