Synergy started with a Hold rating at Stifel

Synergy Resources (SYRG -0.2%) is initiated with a Hold rating at Stifel as a pure play on Colorado's Wattenberg field.

With a seasoned management team well versed in the history and nuances of the Wattenberg Field, SYRG has nimbly assembled a meaningful footprint in the region amid accelerating horizontal development of the Niobrara and Codell formations, the firm writes.

Despite its small size, SYRG has demonstrated its ability to execute in a highly competitive play as its first five horizontal wells appear to be strong producers and cost significantly less than competitor wells.

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