Enerplus (NYSE:ERF) Stock Price Up 8.5% After Dividend Announcement
Shares of Enerplus Corp (NYSE:ERF) (TSE:ERF) rose 8.5% during trading on Tuesday following a dividend announcement from the company. The company traded as high as $1.45 and last traded at $1.41, approximately 2,599,154 shares were traded during trading. An increase of 18% from the average daily volume of 2,211,947 shares. The stock had previously closed at $1.30.
The newly announced dividend which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be issued a $0.0069 dividend. This represents a $0.08 annualized dividend and a dividend yield of 5.48%. The ex-dividend date is Monday, March 30th. Enerplus’s dividend payout ratio (DPR) is 11.39%.
ERF has been the topic of several recent research reports. SunTrust Banks downgraded Enerplus from a “buy” rating to a “hold” rating in a report on Monday, March 9th. Raymond James reissued a “hold” rating and issued a $4.00 price target on shares of Enerplus in a report on Thursday, March 12th. Zacks Investment Research downgraded Enerplus from a “hold” rating to a “sell” rating in a report on Thursday, March 12th. ValuEngine raised Enerplus from a “strong sell” rating to a “sell” rating in a report on Wednesday. Finally, TheStreet downgraded Enerplus from a “c” rating to a “d” rating in a report on Tuesday, March 17th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $12.13.
Enerplus (NYSE:ERF) (TSE:ERF) last announced its earnings results on Friday, February 21st. The oil and natural gas company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.08). The business had revenue of $247.76 million for the quarter, compared to the consensus estimate of $241.00 million. Enerplus had a negative net margin of 20.58% and a positive return on equity of 14.04%. As a group, equities research analysts predict that Enerplus Corp will post 0.15 EPS for the current year.
Institutional investors have recently made changes to their positions in the business. Lindbrook Capital LLC raised its stake in Enerplus by 343.6% during the 4th quarter. Lindbrook Capital LLC now owns 3,806 shares of the oil and natural gas company’s stock valued at $27,000 after acquiring an additional 2,948 shares in the last quarter. Blueshift Asset Management LLC bought a new stake in Enerplus during the 4th quarter valued at $83,000. Stifel Financial Corp bought a new stake in Enerplus during the 4th quarter valued at $90,000. Cetera Advisors LLC bought a new stake in Enerplus during the 4th quarter valued at $91,000. Finally, Voloridge Investment Management LLC bought a new stake in Enerplus during the 3rd quarter valued at $120,000. 55.83% of the stock is currently owned by hedge funds and other institutional investors.
About Enerplus (NYSE:ERF)
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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