Enerplus (NYSE:ERF) Given New $8.00 Price Target at Royal Bank of Canada

Enerplus (NYSE:ERF) (TSE:ERF) had its target price lifted by Royal Bank of Canada from $6.00 to $8.00 in a report issued on Monday morning, The Fly reports. The brokerage currently has an outperform rating on the oil and natural gas company’s stock.

A number of other research analysts have also recently commented on the company. Desjardins assumed coverage on Enerplus in a research report on Friday, February 5th. They set a buy rating and a $6.50 price target on the stock. Zacks Investment Research raised Enerplus from a hold rating to a buy rating and set a $2.25 price target on the stock in a research report on Wednesday, November 11th. BMO Capital Markets increased their price objective on Enerplus from $6.00 to $6.50 and gave the stock an outperform rating in a report on Thursday, February 4th. Scotiabank increased their price objective on Enerplus from $4.50 to $5.75 and gave the stock an outperform rating in a report on Thursday, January 14th. Finally, TD Securities increased their price objective on Enerplus from $6.00 to $7.00 and gave the stock a buy rating in a report on Monday. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Enerplus has an average rating of Buy and a consensus target price of $5.50.

Shares of NYSE ERF opened at $4.91 on Monday. Enerplus has a one year low of $1.15 and a one year high of $5.03. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.59 and a quick ratio of 0.59. The business’s fifty day moving average price is $3.78 and its 200-day moving average price is $2.79. The stock has a market capitalization of $1.26 billion, a PE ratio of -1.29 and a beta of 3.18.

The firm also recently announced a monthly dividend, which will be paid on Monday, March 15th. Shareholders of record on Friday, February 26th will be paid a $0.0079 dividend. This is a positive change from Enerplus’s previous monthly dividend of $0.01. This represents a $0.09 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date is Thursday, February 25th. Enerplus’s dividend payout ratio is currently 11.39%.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. First Trust Advisors LP increased its position in shares of Enerplus by 24.4% during the 1st quarter. First Trust Advisors LP now owns 354,811 shares of the oil and natural gas company’s stock valued at $2,984,000 after purchasing an additional 69,660 shares during the last quarter. ARP Americas LP bought a new position in shares of Enerplus during the 3rd quarter valued at about $85,000. Freestone Capital Holdings LLC increased its position in shares of Enerplus by 45.0% during the 3rd quarter. Freestone Capital Holdings LLC now owns 44,785 shares of the oil and natural gas company’s stock valued at $83,000 after purchasing an additional 13,891 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of Enerplus by 3,508.4% during the 3rd quarter. Acadian Asset Management LLC now owns 1,461,400 shares of the oil and natural gas company’s stock valued at $2,670,000 after purchasing an additional 1,420,900 shares during the last quarter. Finally, Kestra Advisory Services LLC bought a new position in shares of Enerplus during the 3rd quarter valued at about $48,000. Institutional investors and hedge funds own 50.95% of the company’s stock.

Enerplus Company Profile

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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