Enerplus Corp. (ERF) Trading 4% Higher
Shares of Enerplus Corp. (NYSE:ERF) traded up 4% during mid-day trading on Wednesday . The stock traded as high as $6.51 and last traded at $6.49, with a volume of 1,460,031 shares. The stock had previously closed at $6.24.
Several research firms have weighed in on ERF. Barclays PLC raised Enerplus Corp. from an “equal weight” rating to an “overweight” rating in a research note on Monday, April 18th. Zacks Investment Research cut Enerplus Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, April 19th. Credit Suisse Group AG reaffirmed a “buy” rating and set a $11.00 target price on shares of Enerplus Corp. in a research note on Wednesday, June 22nd. Raymond James Financial Inc. began coverage on Enerplus Corp. in a research note on Monday, June 6th. They set an “outperform” rating on the stock. Finally, Macquarie raised Enerplus Corp. from a “neutral” rating to an “outperform” rating in a research note on Monday, June 6th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $10.07.
The company’s market capitalization is $1.34 billion. The stock has a 50 day moving average price of $5.93 and a 200 day moving average price of $4.26.
Enerplus Corp. (NYSE:ERF) last issued its quarterly earnings results on Friday, May 6th. The company reported ($0.84) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.16) by $0.68. During the same period last year, the firm earned ($1.42) earnings per share. The company earned $156.10 million during the quarter, compared to the consensus estimate of $186.73 million. The company’s revenue was down 38.9% compared to the same quarter last year. Equities analysts forecast that Enerplus Corp. will post ($0.96) EPS for the current fiscal year.
The firm also recently declared a monthly dividend, which will be paid on Friday, July 15th. Investors of record on Tuesday, June 28th will be given a dividend of $0.0077 per share. This represents a $0.09 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date is Friday, June 24th.
Other hedge funds have modified their holdings of the company. TD Asset Management Inc. increased its stake in shares of Enerplus Corp. by 9.1% in the fourth quarter. TD Asset Management Inc. now owns 4,675,903 shares of the company’s stock worth $15,989,000 after buying an additional 391,946 shares during the last quarter. Morgan Stanley increased its stake in shares of Enerplus Corp. by 86.7% in the fourth quarter. Morgan Stanley now owns 4,210,157 shares of the company’s stock worth $14,397,000 after buying an additional 1,955,593 shares during the last quarter. Finally, First Trust Advisors LP increased its stake in shares of Enerplus Corp. by 27.9% in the fourth quarter. First Trust Advisors LP now owns 1,441,528 shares of the company’s stock worth $4,930,000 after buying an additional 314,683 shares during the last quarter.
Enerplus Corporation is an energy producer. The Company’s capital program is focused on the development of its crude oil and natural gas core areas of operation, which includes its North Dakota and Montana crude oil assets in the Williston Basin, and its natural gas interests in northeast Pennsylvania.
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