Today: KLR Group Downgrade Synergy Resources Corp (SYRG) to Accumulate

Today: KLR Group Downgrade Synergy Resources Corp (SYRG) to Accumulate

Synergy Resources Corp (NASDAQ:SYRG) was downgraded by equities researchers at KLR Group from a “buy” rating to an “accumulate” rating in a research report issued to clients and investors on Monday.

Several other equities analysts have also recently weighed in on the company. Imperial Capital cut Synergy Resources Corp from an “outperform” rating to an “in-line” rating and cut their price target for the company from $7.50 to $6.50 in a report on Tuesday, August 2nd. Citigroup Inc. cut their price target on Synergy Resources Corp from $10.00 to $8.00 and set a “buy” rating for the company in a report on Friday, August 5th. Wells Fargo & Co. started coverage on Synergy Resources Corp in a report on Tuesday, October 25th. They set an “outperform” rating for the company. Royal Bank Of Canada started coverage on Synergy Resources Corp in a report on Tuesday, September 27th. They set an “outperform” rating and a $9.00 price target for the company. Finally, KeyCorp raised their price target on Synergy Resources Corp from $10.00 to $12.00 and gave the company an “overweight” rating in a report on Tuesday, November 22nd. Five equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $9.19.

Synergy Resources Corp (NASDAQ:SYRG) traded down 4.360% during trading on Monday, hitting $8.445. The stock had a trading volume of 2,212,287 shares. Synergy Resources Corp has a 12 month low of $5.01 and a 12 month high of $11.70. The stock has a 50 day moving average price of $7.56 and a 200-day moving average price of $6.79. The stock’s market cap is $1.69 billion.

Synergy Resources Corp (NASDAQ:SYRG) last released its quarterly earnings results on Thursday, November 3rd. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.04. The firm had revenue of $26.20 million for the quarter, compared to analysts’ expectations of $26.70 million. The business’s quarterly revenue was down 21.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.05 EPS. On average, equities analysts predict that Synergy Resources Corp will post ($0.05) EPS for the current year.

In other Synergy Resources Corp news, CEO Lynn A. Peterson bought 49,071 shares of the company’s stock in a transaction that occurred on Thursday, October 6th. The shares were purchased at an average cost of $6.00 per share, for a total transaction of $294,426.00. Following the purchase, the chief executive officer now directly owns 489,367 shares in the company, valued at $2,936,202. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Michael Eberhard bought 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 20th. The shares were acquired at an average price of $6.11 per share, for a total transaction of $91,650.00. Following the completion of the purchase, the chief operating officer now owns 93,763 shares in the company, valued at $572,891.93. The disclosure for this purchase can be found here.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Deprince Race & Zollo Inc. increased its position in shares of Synergy Resources Corp by 775.0% in the second quarter. Deprince Race & Zollo Inc. now owns 87,500 shares of the company’s stock valued at $583,000 after buying an additional 77,500 shares during the period. Stoneridge Investment Partners LLC acquired a new position in shares of Synergy Resources Corp during the second quarter valued at $482,000. Louisiana State Employees Retirement System increased its position in shares of Synergy Resources Corp by 68.9% in the second quarter. Louisiana State Employees Retirement System now owns 85,800 shares of the company’s stock valued at $571,000 after buying an additional 35,000 shares during the period. Bank of Montreal Can acquired a new position in shares of Synergy Resources Corp during the second quarter valued at $513,000. Finally, Parkwood LLC acquired a new position in shares of Synergy Resources Corp during the second quarter valued at $897,000.

About Synergy Resources Corp

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