Zacks Upgrades Enerplus Resources Fund to “Outperform” (ERF)
Enerplus Resources Fund (NYSE:ERF) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a report released on Thursday, American Banking News reports. The firm currently has a $18.40 price target on the stock. Zacks‘ price objective indicates a potential upside of 6.67% from the stock’s previous close.
Shares of Enerplus Resources Fund (NYSE:ERF) traded up 4.42% on Thursday, hitting $17.25. 1,061,234 shares of the company’s stock traded hands. Enerplus Resources Fund has a 1-year low of $11.47 and a 1-year high of $17.48. The stock’s 50-day moving average is $16.74 and its 200-day moving average is $15.21. The company’s market cap is $3.469 billion.
Enerplus Resources Fund (NYSE:ERF) last released its earnings data on Friday, August 9th. The company reported $0.25 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.24 by $0.01. On average, analysts predict that Enerplus Resources Fund will post $0.96 earnings per share for the current fiscal year.
The company also recently announced a monthly dividend, which is scheduled for Monday, October 21st. Shareholders of record on Friday, October 4th will be paid a dividend of $0.09 per share. This represents a $1.06 annualized dividend and a dividend yield of 6.12%. The ex-dividend date is Wednesday, October 2nd.
Separately, analysts at RBC Capital upgraded shares of Enerplus Resources Fund from a “sector perform” rating to an “outperform” rating in a research note to investors on Thursday. They now have a $22.00 price target on the stock, up previously from $20.00. They noted that the move was a valuation call. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $17.32.
Enerplus Corporation (NYSE:ERF), formerly Enerplus Resources Fund, has oil and natural gas property interests are located in western Canada in the provinces of Alberta, British Columbia, Saskatchewan and Manitoba, and in the United States in the states of Montana, North Dakota, Maryland, Pennsylvania, West Virginia, Wyoming and Utah.
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