Enerplus (NYSE:ERF) Cut to Hold at Zacks Investment Research
According to Zacks, “Enerplus Corporation, formerly known as Enerplus Resources, is an independent oil and gas production company with resources across Western Canada and the United States. The Company’s resource plays include shallow gas/coal bed methane, tight gas, crude oil waterfloods, Bakken/Tight oil and oil sands located in British Columbia, Alberta, Saskatchewan and Manitoba. Enerplus Corporation is based in Alberta, Canada. “
Several other equities research analysts have also commented on ERF. Canaccord Genuity upgraded shares of Nuvista Energy to a buy rating in a research note on Tuesday, April 9th. GMP Securities reiterated a buy rating and set a $22.25 price target on shares of SPDR Wells Fargo Preferred Stock ETF in a research note on Friday, June 28th. Finally, Raymond James reiterated a neutral rating and set a $35.00 price target on shares of Stantec in a research note on Monday, May 13th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $15.55.
Enerplus (NYSE:ERF) (TSE:ERF) last released its quarterly earnings data on Friday, May 10th. The oil and natural gas company reported $0.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.03. The business had revenue of $216.21 million during the quarter, compared to analysts’ expectations of $215.00 million. Enerplus had a net margin of 31.33% and a return on equity of 14.62%. During the same period in the previous year, the company earned $0.12 EPS. On average, sell-side analysts expect that Enerplus will post 0.92 earnings per share for the current year.
The business also recently declared a monthly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a dividend of $0.007 per share. The ex-dividend date is Thursday, June 27th. This represents a $0.08 annualized dividend and a yield of 1.12%. Enerplus’s dividend payout ratio is currently 8.26%.
A number of large investors have recently made changes to their positions in the stock. TD Asset Management Inc. raised its stake in Enerplus by 16.9% during the 1st quarter. TD Asset Management Inc. now owns 5,494,157 shares of the oil and natural gas company’s stock worth $46,060,000 after acquiring an additional 792,825 shares in the last quarter. Boston Partners raised its stake in Enerplus by 1.1% during the 1st quarter. Boston Partners now owns 4,250,136 shares of the oil and natural gas company’s stock worth $35,744,000 after acquiring an additional 44,202 shares in the last quarter. 1832 Asset Management L.P. increased its stake in Enerplus by 14.6% in the fourth quarter. 1832 Asset Management L.P. now owns 4,080,590 shares of the oil and natural gas company’s stock valued at $31,755,000 after purchasing an additional 518,790 shares during the period. The Manufacturers Life Insurance Company increased its stake in Enerplus by 9.3% in the first quarter. The Manufacturers Life Insurance Company now owns 3,588,486 shares of the oil and natural gas company’s stock valued at $30,180,000 after purchasing an additional 303,847 shares during the period. Finally, Norges Bank acquired a new position in Enerplus in the fourth quarter valued at $26,268,000. Hedge funds and other institutional investors own 58.96% of the company’s stock.
Enerplus Corporation, together with subsidiaries, engages in the exploration and development of crude oil and natural gas in the United States and Canada. The company's oil and natural gas properties are located primarily in North Dakota, Montana, Colorado, and Pennsylvania; and Alberta, British Columbia, and Saskatchewan.
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