Seaport Global Downgrades Synergy Resources to Hold

By Jason Carr

In a report released today, Mike Kelly from Seaport Global downgraded Synergy Resources (NYSE: SRCI) to Hold. The company’s shares closed yesterday at $6.58, close to its 52-week low of $6.27.

According to, Kelly is a 3-star analyst with an average return of 2.3% and a 47.5% success rate. Kelly covers the Basic Materials sector, focusing on stocks such as Sanchez Energy Corporation, Clayton Williams Energy, and Abraxas Petroleum Corp.

Currently, the analyst consensus on Synergy Resources is Moderate Buy and the average price target is $10.60, representing a 61.1% upside.

In a report released yesterday, BMO Capital also reiterated a Hold rating on the stock with a $9 price target.

The company has a one year high of $9.07 and a one year low of $6.27. Currently, Synergy Resources has an average volume of 2.66M.

Based on the recent corporate insider activity of 43 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SRCI in relation to earlier this year.

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SRC Energy, Inc. engages in the acquisition, development, and production of oil and natural gas. Its core operations is in the Denver-Julesburg Basin, which encompasses Colorado, Wyoming, Kansas, and Nebraska. The company was founded on May 11, 2005 and is headquartered in Denver, CO.