Synergy Resources Corp (SYRG) Disappoints In Fiscal Q3 But Hedge Funds Are Betting On The Stock

Hedge fund activity in Synergy Resources Corp (NYSEMKT:SYRG)

According to hedge fund intelligence website Insider Monkey, Ken Griffin‘s Citadel Investment Group had the largest position in Synergy Resources Corp (NYSEMKT:SYRG) of 4.68 million shares worth close to $55.4 million, corresponding to 0.1% of its total 13F portfolio. The second-most bullish hedge fund manager is Balyasny Asset Management, headed by Dmitry Balyasny, which held 1.2 million shares worth about $14.2 million; 0.1% of its 13F portfolio was also allocated to the stock. Other peers that are bullish include George Soros’ Soros Fund Management, Chuck Royce’s Royce & Associates, and Ben Gambill’s Tiger Eye Capital.

As one would reasonably expect, key hedge funds were leading the bulls’ herd. It is notable that the Balyasny Asset Management position was entirely created during the first quarter and is the biggest position in Synergy Resources Corp (NYSEMKT:SYRG) made in that quarter. George Soros’ Soros Fund Management also initiated a $13.1 million position during the quarter of about 1.11 million shares. Other funds with new positions in the stock are Ben Gambill’s Tiger Eye Capital, Arvind Sanger’s GeoSphere Capital Management, and William Harnisch’s Peconic Partners LLC.

With hedge funds very bullish about the stock, we believe it’s a good chance to buy low on Synergy Resources Corp (NYSEMKT:SYRG) and that the company will be profitable once oil prices rebound.

Disclosure: None