The stock of Enerplus Corp (TSE:ERF) gapped down by $0.14 today and has $9.76 target or 4.00% below today’s $10.17 share price. The 7 months technical chart setup indicates high risk for the $2.42B company. The gap down was reported on Nov, 29 by Barchart.com. If the $9.76 price target is reached, the company will be worth $96.80 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 291,943 shares traded hands. Enerplus Corp (TSE:ERF) has risen 59.76% since April 25, 2016 and is uptrending. It has outperformed by 54.50% 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. $14 is the highest target while $5.75 is the lowest. The $10.60 average target is 4.23% above today’s ($10.17) stock price. Enerplus Corp has been the topic of 22 analyst reports since September 16, 2015 according to StockzIntelligence Inc. The rating was maintained by RBC Capital Markets with “Outperform” on Wednesday, June 1. Desjardins Securities maintained Enerplus Corp (TSE:ERF) on Tuesday, June 28 with “” rating. On Wednesday, June 15 the stock rating was initiated by IBC with “Outperform”. National Bank Canada downgraded Enerplus Corp (TSE:ERF) on Tuesday, January 12 to “Sector Perform” rating. The stock of Enerplus Corp (TSE:ERF) has “Outperform” rating given on Tuesday, January 26 by RBC Capital Markets. The stock has “” rating given by Raymond James on Monday, June 6. Macquarie Research upgraded the shares of ERF in a report on Monday, June 6 to “Outperform” rating.
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. Fool.ca‘s article titled: “Energy Investors: Encana Corporation or Enerplus Corp.?” and published on May 05, 2016 is yet another important article.
Enerplus Corporation is an energy producer. The company has a market cap of $2.42 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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