Enerplus (NYSE:ERF) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Enerplus (NYSE:ERF) (TSE:ERF) from a hold rating to a sell rating in a research report report published on Friday, Zacks.com reports.

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. “

Other analysts have also issued research reports about the stock. Desjardins raised their price target on shares of Enerplus from C$10.00 to C$11.50 and gave the company a buy rating in a report on Tuesday, August 10th. CIBC raised their price target on shares of Enerplus from C$10.00 to C$13.00 and gave the company an outperform rating in a report on Wednesday, July 14th. Raymond James raised their price target on shares of Enerplus from C$11.00 to C$11.50 and gave the company an outperform rating in a report on Tuesday, August 31st. Scotiabank raised shares of Enerplus from a sector perform rating to a sector outperform rating and set a $10.00 price target for the company in a report on Thursday, August 26th. Finally, Stifel Nicolaus raised their price target on shares of Enerplus from C$13.75 to C$14.00 and gave the company a buy rating in a report on Thursday. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Enerplus currently has an average rating of Buy and an average price target of $10.36.

NYSE:ERF opened at $7.18 on Friday. Enerplus has a 1 year low of $1.70 and a 1 year high of $7.54. The firm has a 50 day moving average of $5.94 and a 200-day moving average of $6.02. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.87. The stock has a market capitalization of $1.84 billion, a P/E ratio of -5.84 and a beta of 3.24.

Enerplus (NYSE:ERF) (TSE:ERF) last posted its earnings results on Thursday, August 5th. The oil and natural gas company reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.07). Enerplus had a negative net margin of 32.54% and a positive return on equity of 26.29%. The firm had revenue of $332.65 million during the quarter. As a group, analysts forecast that Enerplus will post 1.16 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 15th. Shareholders of record on Tuesday, August 31st were issued a dividend of $0.0304 per share. This represents a $0.12 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend was Monday, August 30th. This is a positive change from Enerplus’s previous quarterly dividend of $0.03. Enerplus’s payout ratio is currently 171.43%.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quadrant Capital Group LLC grew its holdings in shares of Enerplus by 87.1% in the 2nd quarter. Quadrant Capital Group LLC now owns 5,323 shares of the oil and natural gas company’s stock valued at $38,000 after buying an additional 2,478 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Enerplus in the 1st quarter valued at $47,000. Bank of New York Mellon Corp acquired a new position in shares of Enerplus in the 1st quarter valued at $50,000. Quantbot Technologies LP acquired a new position in shares of Enerplus in the 1st quarter valued at $67,000. Finally, Comerica Bank grew its holdings in shares of Enerplus by 19.0% in the 1st quarter. Comerica Bank now owns 14,250 shares of the oil and natural gas company’s stock valued at $73,000 after buying an additional 2,273 shares during the period. 52.35% of the stock is owned by hedge funds and other institutional investors.

Enerplus Company Profile

Enerplus Corp. engages in the exploration and production of crude oil and natural gas. It conducts operations in Willston Basin, Marcellus Shale, and Canadian Waterfloods. The company was founded in 1986 and is headquartered in Calgary, Canada.

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