Synergy Resources Corp (SYRG) Trading 2.7% Higher After Insider Buying Activity
Shares of Synergy Resources Corp (NASDAQ:SYRG) traded up 2.7% during trading on Friday following insider buying activity. The company traded as high as $6.89 and last traded at $6.85, with a volume of 2,594,924 shares trading hands. The stock had previously closed at $6.67.
Specifically, COO Michael Eberhard bought 15,000 shares of the firm’s stock in a transaction on Tuesday, September 20th. The shares were purchased at an average price of $6.11 per share, for a total transaction of $91,650.00. Following the transaction, the chief operating officer now directly owns 93,763 shares in the company, valued at approximately $572,891.93. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO James P. Henderson bought 50,000 shares of the firm’s stock in a transaction on Tuesday, September 20th. The shares were acquired at an average price of $5.95 per share, for a total transaction of $297,500.00. Following the transaction, the chief financial officer now owns 179,605 shares in the company, valued at $1,068,649.75. The disclosure for this purchase can be found here.
A number of research analysts have issued reports on the stock. KLR Group restated a “buy” rating and set a $9.00 target price (up previously from $8.00) on shares of Synergy Resources Corp in a research report on Tuesday, August 30th. RBC Capital Markets initiated coverage on shares of Synergy Resources Corp in a research report on Tuesday, September 27th. They set an “outperform” rating and a $9.00 price target on the stock. Citigroup Inc. set a $7.50 price target on shares of Synergy Resources Corp and gave the stock a “buy” rating in a research report on Thursday, August 11th. Roth Capital reiterated a “hold” rating on shares of Synergy Resources Corp in a research report on Tuesday, July 12th. Finally, BMO Capital Markets lowered shares of Synergy Resources Corp from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $8.00 to $6.00 in a research report on Monday, August 8th. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $8.46.
The firm’s market capitalization is $1.38 billion. The stock’s 50-day moving average is $6.62 and its 200-day moving average is $6.75.
Synergy Resources Corp (NASDAQ:SYRG) last posted its quarterly earnings results on Thursday, August 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by $0.04. The firm had revenue of $23.90 million for the quarter, compared to the consensus estimate of $24.90 million. During the same quarter in the prior year, the business posted ($0.02) earnings per share. The firm’s revenue for the quarter was down 15.5% on a year-over-year basis. On average, analysts forecast that Synergy Resources Corp will post ($0.08) EPS for the current fiscal year.
Several hedge funds have recently bought and sold shares of SYRG. First Mercantile Trust Co. purchased a new stake in Synergy Resources Corp during the third quarter worth $414,000. Foundry Partners LLC raised its stake in Synergy Resources Corp by 26.0% in the third quarter. Foundry Partners LLC now owns 36,350 shares of the company’s stock worth $252,000 after buying an additional 7,500 shares during the period. Mason Street Advisors LLC purchased a new stake in Synergy Resources Corp during the second quarter worth $252,000. Royal Bank of Canada raised its stake in Synergy Resources Corp by 20.8% in the second quarter. Royal Bank of Canada now owns 2,190,114 shares of the company’s stock worth $14,586,000 after buying an additional 376,965 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its stake in Synergy Resources Corp by 70.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 664,530 shares of the company’s stock worth $4,426,000 after buying an additional 274,680 shares during the period.
About Synergy Resources Corp
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.
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