A Reversal for Enerplus Corp Is Not Near. The Stock Gaps Up

 A Reversal for Enerplus Corp Is Not Near. The Stock Gaps Up

The stock of Enerplus Corp (TSE:ERF) gapped up by $0.09 today and has $12.69 target or 31.00% above today’s $9.69 share price. The 6 months technical chart setup indicates low risk for the $2.45 billion company. The gap was reported on Nov, 15 by Barchart.com. If the $12.69 price target is reached, the company will be worth $759.50M more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 620,260 shares traded hands. Enerplus Corp (TSE:ERF) has risen 63.15% since April 11, 2016 and is uptrending. It has outperformed by 59.22% the S&P500.

Enerplus Corp (TSE:ERF) Ratings Coverage

Out of 3 analysts covering Enerplus Corp (TSE:ERF), 2 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 67% are positive. $12 is the highest target while $5.75 is the lowest. The $10.11 average target is 4.33% above today’s ($9.69) stock price. Enerplus Corp has been the topic of 20 analyst reports since September 16, 2015 according to StockzIntelligence Inc. The rating was upgraded by Macquarie Research on Monday, June 6 to “Outperform”. The stock of Enerplus Corp (TSE:ERF) earned “Outperform” rating by IBC on Wednesday, June 15. The company was downgraded on Tuesday, January 12 by National Bank Canada. The rating was maintained by RBC Capital Markets with “Outperform” on Tuesday, January 26. The rating was maintained by RBC Capital Markets on Wednesday, June 1 with “Outperform”. The stock of Enerplus Corp (TSE:ERF) has “” rating given on Monday, June 6 by Raymond James. The stock of Enerplus Corp (TSE:ERF) earned “” rating by Desjardins Securities on Tuesday, June 28.

More news for Enerplus Corp (TSE:ERF) were recently published by: Business.Financialpost.com, which released: “What Enerplus Corp might do with its Marcellus sale proceeds” on October 18, 2016. Cbc.ca‘s article titled: “Enerplus Corp to sell $193 million in Alberta assets” and published on January 12, 2016 is yet another important article.

Enerplus Corporation is an energy producer. The company has a market cap of $2.45 billion. The Company’s capital program is focused on the development of its natural gas and crude oil core areas of operation, which includes its North Dakota and Montana crude oil assets in the Williston Basin, and its natural gas interests in northeast Pennsylvania. It currently has negative earnings. The Company’s Canadian crude oil properties production averaged approximately 18,978 barrels of oil equivalent per day .

ERF.TO Company Profile

Enerplus Corporation, incorporated on August 12, 2010, is an energy producer. The Company’s capital program is focused on the development of its natural gas and crude oil core areas of operation, which includes its North Dakota and Montana crude oil assets in the Williston Basin, and its natural gas interests in northeast Pennsylvania. The Company’s oil and natural gas property interests are located in western Canada in the provinces of Alberta, British Columbia and Saskatchewan, and in the United States, primarily in the states of Montana, North Dakota, Pennsylvania and West Virginia.

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