Syntroleum Corp. (Nasdaq: SYNM) saw the price of its penny stock rise 9 cents for a 10.84% gain in the last trading session on volume of 510,795 shares. Coverage was initiated by analysts at JMP Securities on Friday providing the first positive momentum in SYNM stock in almost two months. JMP Securities set an “outperform” rating on the penny stock of Syntroleum and a $1.80 price target on SYNM.
Rail transport has increased across the nation and companies like CSX, Union Pacific and Norfolk Southern are benefiting from it. Norfolk Southern was specifically chosen by FedEx as its primary east coast provider which Norfolk Southern would not want to lose. So what does this have to do with SYNM becoming one of the hot penny stocks to buy?
Looking for Hot Penny Stocks? Subscribe for stock alerts to get our next penny stock picks FREE.
SYNM Stock Snap Shot:
Last 0.92
Volume 510,795
Open 0.9947
High 0.9947
Low 0.8850
Previous Close 0.83
Last Volume 4,236
Up Volume 174,651
Neutral Volume 228,998
Down Volume 107,146
Trades 962
VWAP 0.9327
Avg Trade Size 530
Norfolk Southern is dedicated to environmentalism. As hybrid locomotives become a the new force that drives railroad industry, Norfolk Southern’s green initiative to committing to use renewable diesel fuel will benefit Syntroleum immensely.
SYNM announced in the beginning of the month that their Dynamic Fuels Geismar Plant produced 3.6 million gallons of renewable fuel products (rfp) in March, compared to production of 2.8, 2.9 and 4.4 million gallons of rfp produced in the prior three months respectively. With a 75 million gallons per year design, it will be interesting to see what capacity the plant, which was closed on March 27, has after they reopen it after its scheduled turnaround.
About SYNM:
Syntroleum Corp. owns the Syntroleum® Process for Fischer-Tropsch (FT) conversion of synthesis gas derived from biomass, coal, natural gas and other carbon-based feedstocks into liquid hydrocarbons, the Synfining® Process for upgrading FT liquid hydrocarbons into middle distillate products such as synthetic diesel and jet fuels, and the Bio-Synfining® technology for converting animal fat and vegetable oil feedstocks into middle distillate products such as renewable diesel and jet fuel using inedible fats and greases as feedstock.
The 50/50 venture, known as Dynamic Fuels, was formed to construct and operate multiple renewable synthetic fuels facilities, with production on the first site beginning in 2010.
To view the SEC filings for SYNM, click here.
Bottom Line: Add SYNM to your list of penny stocks to watch. Considering the price target JMP Securities put on the penny stock, you could be looking at a 100% gain considering the current price of the SYNM shares.
To watch SYNM, watch Norfolk Southern (NSC). The fact that high energy costs should keep supporting the stock price of Norfolk Southern for the foreseeable future, the same should be said for the stock price of Syntroleum.
Syntroleum Corporation’s annual stockholders meeting is scheduled for June 28, 2012, at Fox Plaza, 5416 S Yale, 4th Floor, Tulsa, Oklahoma 74135, at 2:00 p.m. local time.
Click To Follow Us:
ShareAPR