Investors in oil & gas stocks can get into NYSE MKT listed Synergy Resources Corp. (SYRG) cheaper than one insider did since their recently issued buy rating. SYRG stock price ended the week in after hours trading at $2.64, down -4.00% from last Friday’s close, on massive volume of 4,756,313 shares traded. The volume spike was due to Wall Street analysts at Wunderlich Securities initiating coverage with a “buy” rating and a $5.00 price target for SYRG . Just last week, one of Synergy Energy’s directors, Rick Wilber, purchased 20,000 shares for a total investment of $56,800. (see here)
SYRG stock is currently set to open Monday -8.10% below its 50-Day moving average of $2.89, -14.55% below its 200-Day moving average of $3.11, -29.07% below its 52-week high of $3.75 and just 20.91% above its 52 week low of $2.20.
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SYRG Stock Chart
Market Cap: 136.05M
Trailing P/E: 11.42
Forward P/E: 3.97
Price/Sales (ttm): 8.14
Price/Book (mrq): 1.46
Avg Vol (3 month): 183,159
Avg Vol (10 day): 769,700
Shares Outstanding: 51.15M
% Held by Insiders: 21.85%
% Held by Institutions: 15.60%
Ytd Pct Change: -6.67%
Ytd Moving Avg: 3.12
Ytd Avg Volume: 139,801
On Friday, the Company reported its mid-year reserve analysis. Although it is backdated to February 29, 2012, Synergy Resources had estimated proven reserves of 3.492 million barrels of oil and 23.798 billion cubic feet of gas. The estimated present value before tax, discounted at 10%, is $122.576 million. Compared to Synergy Resources’ August 31, 2011 annual reserve report, quantities increased by 68% and value increased by 71%.
About SYRG Stock
Synergy Resources Corporation is oil and gas operator in Colorado and are focused on the acquisition, development, exploitation, exploration and production of oil and natural gas properties primarily located in the Wattenberg field in the D-J Basin in northeast Colorado. The Company serves as the operator for most of their wells and focuses their efforts on those prospects in which the Company has a significant net revenue interest.
Bottom Line: If you think your chance at cashing in on the shale gas boom has passed you by, think again. Those who love to follow Wall Street analysts on penny stocks added SYRG stock to their portfolio on Friday. Synergy’s volume on Friday was equal to that of 26 trading sessions using the 3m volume as the common denominator. Oil prices may be falling, but bullish volume on SYRG proves that investors re still confident that oil & gas stocks are good long investments.
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