Zacks Investment Research Lowers Enerplus Corporation (ERF) to Sell
Enerplus Corporation (NYSE:ERF) (TSE:ERF) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.
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. “
A number of other analysts have also commented on the stock. Capital One Financial Corporation started coverage on shares of Enerplus Corporation in a research note on Tuesday, July 11th. They set an “overweight” rating and a $13.00 price objective for the company. BidaskClub raised shares of Enerplus Corporation from a “sell” rating to a “hold” rating in a research note on Friday, June 30th. ValuEngine raised shares of Enerplus Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. Finally, Scotiabank reaffirmed a “buy” rating and set a $16.00 price objective on shares of Enerplus Corporation in a research note on Tuesday. Two research analysts have rated the stock with a sell rating and six have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $14.80.
Shares of Enerplus Corporation (ERF) traded down 0.55% during midday trading on Wednesday, hitting $9.09. 1,389,825 shares of the stock were exchanged. The stock’s 50-day moving average price is $9.27 and its 200 day moving average price is $8.43. Enerplus Corporation has a one year low of $6.26 and a one year high of $10.33. The stock has a market cap of $2.20 billion, a P/E ratio of 2.91 and a beta of 1.39.
Enerplus Corporation (NYSE:ERF) (TSE:ERF) last posted its quarterly earnings data on Friday, August 11th. The oil and natural gas company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.16. Enerplus Corporation had a net margin of 103.80% and a return on equity of 7.91%. The company had revenue of $191.57 million during the quarter, compared to analyst estimates of $257.94 million. During the same period in the prior year, the firm earned ($0.77) earnings per share. On average, analysts anticipate that Enerplus Corporation will post $0.94 earnings per share for the current year.
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Several institutional investors and hedge funds have recently modified their holdings of ERF. Comerica Bank increased its holdings in shares of Enerplus Corporation by 1.3% in the 1st quarter. Comerica Bank now owns 13,775 shares of the oil and natural gas company’s stock valued at $101,000 after purchasing an additional 180 shares during the period. Private Capital Management Inc. acquired a new position in shares of Enerplus Corporation in the 2nd quarter valued at about $122,000. ETRADE Capital Management LLC increased its holdings in shares of Enerplus Corporation by 5.8% in the 2nd quarter. ETRADE Capital Management LLC now owns 15,052 shares of the oil and natural gas company’s stock valued at $122,000 after purchasing an additional 822 shares during the period. Creative Planning increased its holdings in shares of Enerplus Corporation by 40.5% in the 2nd quarter. Creative Planning now owns 17,605 shares of the oil and natural gas company’s stock valued at $143,000 after purchasing an additional 5,074 shares during the period. Finally, Pacad Investment Ltd. increased its holdings in shares of Enerplus Corporation by 69.0% in the 2nd quarter. Pacad Investment Ltd. now owns 20,108 shares of the oil and natural gas company’s stock valued at $163,000 after purchasing an additional 8,208 shares during the period. Institutional investors own 50.71% of the company’s stock.
About Enerplus Corporation
Enerplus Corporation is an oil and natural gas company. The Company’s oil and natural gas property interests are located in the United States, primarily in North Dakota, Montana, and Pennsylvania, as well as in western Canada in the provinces of Alberta, British Columbia and Saskatchewan. The Company’s oil and natural gas property interests contains proved plus probable gross reserves of approximately 14.3 million barrels (MMbbls) of light and medium crude oil, 39.0 MMbbls of heavy crude oil, 123 MMbbls of tight oil, 18.1 MMbbls of natural gas liquids (NGLs), 126.3 billion cubic feet (Bcf) of conventional natural gas and 1,002.8 Bcf of shale gas, for a total of approximately 382.5 million barrels of oil equivalent (MMBOE).
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