Synergy Resources CorporationNYSEMKT
Synergy Resources: Moving Into The Mid-Cap Category
Synergy Resources: What To Expect In 2016
Wed, Sep. 7, 3:58 PM
- Synergy Resources (SYRG +5.1%) is sharply higher after issuing its preliminary FY 2017 production and capex guidance, which includes $260M-$300M of spending for drilling and completion and ~68% production growth to 17.5K-20K boe/day assuming a two-rig program.
- SYRG plans to drill 102 and complete 95 gross wells, which should be done before year-end 2016 with completion continuing into 2017.
- SYRG says drilling operations are progressing on schedule at its two Evans pads, where each rig is scheduled to drill 11 wells.
- Wunderlich reiterates its Buy rating on the stock, believing SYRG is on track with a total focus on execution.
Mon, Aug. 29, 2:29 PM
- Oil and natural gas explorers escape a vote in Colorado that could have severely limited drilling in the state, as two measures that would have allowed local communities to ban hydraulic fracturing fail to garner enough support for the November ballot.
- A proposal that would have restricted drilling near homes fell ~21K valid signatures short of the total needed to qualify for a ballot vote, and a measure allowing local governments to ban fracking also failed to attract enough signatures, according to the Colorado Secretary of State's office.
- Colorado's top producers include Anadarko Petroleum (APC +1.3%), Encana (ECA +0.4%), Noble Energy (NBL +1.4%), PDC Energy (PDCE +1.6%), Whiting Petroleum (WLL +1.9%), Bill Barrett (BBG +5.3%), Carrizo Oil and Gas (CRZO +2.2%) and Synergy Resources (SYRG +5.2%).
Mon, Aug. 8, 9:53 PM
- Environmental groups in Colorado say they have collected enough signatures to add proposed anti-fracking initiatives to the November election ballot, pending final validation by the Secretary of State's office.
- One of the initiatives would strengthen the state's setback rules, requiring new oil and gas development facilities to be located at least 2,500 ft. from occupied structures or areas such as parks, while the second would transfer regulatory control of new oil and gas development to local governments.
- Anadarko Petroleum (NYSE:APC), Noble Energy (NYSE:NBL) and Whiting Petroleum (NYSE:WLL) hold the greatest net acreage in Colorado's DJ Basin; other companies with DJ exposure include Synergy Resources (NYSEMKT:SYRG), PDC Energy (NASDAQ:PDCE), Bonanza Creek Energy (NYSE:BCEI), Bill Barrett (NYSE:BBG), and Carrizo Oil and Gas (NASDAQ:CRZO).
Thu, Aug. 4, 4:46 PM
Wed, Aug. 3, 5:35 PM
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Mon, Aug. 1, 5:35 PM
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Mon, Jul. 18, 3:58 PM
- Pioneer Natural Resources (PXD +0.1%), EP Energy (EPE +0.9%), Carrizo Oil & Gas (CRZO +2.8%), Sanchez Energy (SN +2.5%) and Synergy Resources (SYRG -0.1%) are all upgraded to Buy at KLR Group in advance of Q2 earnings reports.
- At the same time, the firm downgrades Devon Energy (DVN -0.4%), Consol Energy (CNX -1.3%) and Continental Resources (CLR +0.4%) to Accumulate from Buy on valuation given their substantial share price appreciation over the past four months.
- KLR expects the U.S. E&P industry's cost intensity to decline another 10% this year as capital spending is rationalized another 45%, but it anticipates spending ultimately will increase ~70% "assuming a substantive recovery in commodity prices."
- The firm's new stock price targets are $218 for PXD, $6.50 for EPE, $49 for CRZO, $9 for SN, $9 for SYRG, $44 for DVN, $20 for CNX and $54 for CLR.
Thu, Jul. 14, 5:57 PM
- Energy companies including Anadarko Petroleum (NYSE:APC), Noble Energy (NYSE:NBL), Whiting Petroleum (NYSE:WLL), DCP Midstream (NYSE:DPM) and Synergy Resources (NYSEMKT:SYRG) have donated millions of dollars to derail a push by Colorado environmentalists to place measures on November's election ballot that would stifle oil and gas drilling in the state, Reuters reports.
- Environmental groups are gathering signatures for two statewide initiatives that would transfer regulatory control of oil and gas development to local governments and create tougher setback requirements to keep oil and gas activities away from occupied structures.
- Opponents of the proposed ballot initiatives say they would seriously damage oil and gas exploration in Colorado, the seventh largest oil and gas producing state in the U.S.; a state agency tasked with encouraging energy development says 90% of surface acreage in Colorado would be unavailable for oil and gas development under the new setback laws.
Fri, Jun. 10, 7:05 PM
- Western Colorado has 40x more natural gas than previously thought, potentially making it the second-largest formation in the U.S., according to a new estimate from the U.S. Geological Survey.
- The Mancos Shale formation in Colorado’s Piceance Basin holds ~66.3T cf of gas, up from just 1.6T estimated in 2003, the USGS says, and the revision puts the basin second only to the Marcellus Shale in terms of the largest total gas reserves in the U.S.
- Current prices of ~$2/MMBtu are considered too low for companies to begin drilling to any large extent; companies likely would begin drilling if prices reached $3.50/MMBtu, says David Ludlam of the West Slope Colorado Oil and Gas Association.
- Among Colorado's top current oil and gas producers: APC, NBL, ECA, XOM, CVX, OXY, WLL, BBG, SYRG, PDCE, BCEI, CRZO
Tue, Jun. 7, 3:44 PM
- Seaport Global Securities upgrades a half-dozen energy E&P stocks - and downgrades two others - even after the group has rallied YTD, saying it is "willing to overlook higher leverage as long as the operational trajectory is notably improving."
- Noble Energy (NBL +4.2%) and Eclipse Resources (ECR +5.5%) are upgraded to Buy from Neutral, as NBL boasts "strong growth and cheap valuation relative to peers" and ERC is "among the cheapest NE gas names while offering good compression in out-year multiples."
- Seaport hikes Synergy Resources (SYRG +2.4%) to Buy from Accumulate thanks to "top-tier growth potential at >$50 oil."
- Upgraded to Accumulate from Neutral are Carrizo Oil & Gas (CRZO +4.3%), as “strong Eagle Ford returns justify return to growth,” and Concho Resources (CXO +4.6%), with “high-quality exposure to the Delaware Basin poised to garner further credit."
- The firm raises WPX Energy (WPX +0.2%) to Neutral from Sell, citing “leverage burden eased with equity, higher commodity price deck assumptions, recent operational progress."
- However, Oasis Petroleum (OAS +0.7%) is downgraded to Neutral from Buy as “NAV valuation gap has closed after a 54% move since our March 30 report," and Petroquest Energy (PQ +1.3%) is cut to Accumulate from Buy as “risk/reward upside has tempered" following a 67% move since March 30.
Mon, May 16, 2:24 PM
- Synergy Resources (SYRG +3.6%) is upgraded to Sector Outperform from Sector Perform with a $13 price target, lifted from $11, at Scotia Howard Weil following its recent Noble Energy asset acquisition and 45M-share public offering.
- The firm believes that following the recent pullback, SYRG shares look more attractive than the company's Niobrara peers.
- Now read Synergy Resources downgraded at Roth, which cites dilution via asset deal
Thu, May 5, 3:24 PM
- Synergy Resources (SYRG -0.6%) is downgraded to Neutral from Buy with a $6.25 price target, cut from $9.50, at Roth Capital, citing additional share dilution from the recent $505M purchase of Colorado oil and gas assets.
- Roth says it is concerned by the significant dilution SYRG has experienced during 2016, noting the company did not raise its 2016 capital budget despite the large acquisition and that it may need to draw down a portion of its revolver to fund 2016 capex, which could limit the ability to grow in 2017.
- The firm also notes disappointing Q1 results, driven by a lower oil to gas production ratio, which "appears to be trending in the wrong direction for SYRG, which could impact future well economics."
Tue, May 3, 5:06 PM
- Synergy Resources (NYSEMKT:SYRG): Q1 GAAP EPS of -$0.42
- Revenue of $18.3M (-3.2% Y/Y).
Tue, May 3, 4:40 PM
- Synergy Resources (NYSEMKT:SYRG) -3.5% AH after agreeing to acquire certain oil and gas assets in Colorado from Noble Energy (NYSE:NBL) for $505M.
- SYRG says the deal includes ~33.1K primarily undeveloped net acres within the DJ Basin in the Greeley Crescent area.
- To help fund the deal, SYRG says it is launching a public offering of 45M common shares, with an underwriters option to purchase up to an additional 6.75M shares.
Mon, May 2, 6:39 PM
- The Colorado Supreme Court ruled today that municipalities cannot bar fracking and the storage of fracking waste, striking down measures passed by the cities of Fort Collins and Longmont.
- A local ban "could ultimately lead to a patchwork of regulation that would inhibit the efficient development of oil and gas resources" if left in place, according to one of two rulings today.
- The decisions uphold lower court rulings and come amid a long-running battle over fracking across northeastern Colorado, which sits atop the Denver-Julesburg Basin.
- Among Colorado's top oil and gas operators: APC, NBL, ECA, WLL, BBG, BCEI, CRZO, PDCE, SYRG
Mon, Apr. 18, 2:31 PM
- Investors should stay on defense through select oil and gas stocks such as Concho Resources (CXO +2.5%), Noble Energy (NBL +0.9%), PDC Energy (PDCE +4.3%), Parsley Energy (PE +2.2%), Pioneer Natural Resources (PXD +2.3%), Synergy Resources (SYRG +1.5%) and Cimarex Energy (XEC +1.8%) following the producers' failure to reach a deal at Doha, Stifel says.
- The firm says the balance sheets of the seven companies should remain sound even if WTI oil prices fall short of its $37/bbl forecast for 2016, and the group also owns some of the strongest assets as measured by half-cycle returns.
- A re-surging market share battle between Saudi Arabia and Iran casts doubt on the timing of a realignment of oil supply and demand, and the divide between the two countries runs deep and could widen if the Saudis flood an oversupplied market with additional barrels, Stifel says.
- Now read Stifel downgrades "riskier" oil stocks ahead of OPEC meeting