Enerplus (TSE:ERF) stock rating downgraded by Scotiabank

Enerplus (TSE: ERF- Get a rating) (NYSE:ERF) was downgraded by Scotiabank from an “outperform” rating to an “sector performance” rating in a note issued to investors on Thursday, BayStreet.CA reports. They currently have a price target of CA$26.00 on shares of the oil and gas company, up from their previous price target of CA$25.00. Scotiabank’s target price would suggest a potential upside of 16.59% from the company’s previous close.

A number of other equity research analysts also weighed in on the ERF. Stifel Nicolaus raised his price target on Enerplus from C$30.00 to C$32.00 in a Monday, August 8 research report. CIBC reduced its price target on Enerplus from CA$28.00 to CA$25.00 in a Wednesday, July 13 research report. One research analyst gave the stock a hold rating and seven gave the company a buy rating. According to MarketBeat, Enerplus has an average rating of “Moderate Buy” and a consensus target price of C$20.38.

Enerplus Price Performance

TSE ERF traded at C$0.79 at midday Thursday, hitting C$22.30. The company had a trading volume of 695,137 shares, compared to an average volume of 1,559,806. The company has a market capitalization of C$5.18 billion and a PE ratio of 7.51. The company has a current ratio of 0.58, a quick ratio of 0.56 and a debt ratio of 81.69. The company has a 50-day moving average price of CA$19.66 and a 200-day moving average price of CA$18.14. Enerplus has a 12-month low of C$10.90 and a 12-month high of C$23.29.

Enerplus (TSE: ERF- Get a rating) (NYSE:ERF) last released its quarterly results on Thursday, August 4. The oil and gas company reported EPS of C$0.89 for the quarter, missing analyst consensus estimates of C$0.96 by C$0.07. The company had revenue of C$801.57 million in the quarter. As a group, analysts expect Enerplus to post earnings per share of 3.2199998 for the current fiscal year.

Insider activity

In other Enerplus news, Senior Officer Ian Charles Dundas acquired 2,500 shares of the company in a transaction dated Friday, September 23. The shares were purchased at an average cost of CA$18.33 per share, with a total value of CA$45,825.00. Following the purchase, the insider now directly owns 324,352 shares of the company, valued at C$5,945,372.16.

About Enerplus

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Enerplus Corporation, together with its subsidiaries, is engaged in the exploration and development of crude oil and natural gas in the United States and Canada. The Company’s oil and gas properties are located primarily in North Dakota, Colorado and Pennsylvania; and Alberta, British Columbia and Saskatchewan.

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Analyst recommendations for Enerplus (TSE: ERF)

This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to contact@marketbeat.com.

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