Synergy Resources started at Buy at Canaccord as "Kodiak 2.0"

|About: Synergy Resources Corporation (SYRG)|By:, SA News Editor

Synergy Resources (SYRG +1.2%) receives a Buy rating from Canaccord Genuity, which initiates coverage of the oil and gas company with a $17 price target, 33% above the stock's Friday closing price.

The firm describes SYRG as "Kodiak 2.0" - Kodiak Oil & Gas (KOG -1.1%) has jumped 33% YTD, 53% from a year ago, and 11-fold over the past five years.

Separately, SYRG enters into a joint development agreement with KOG to drill wells and develop acreage in Nebraska.