The stock of Enerplus Corp (TSE:ERF) gapped up by $0.67 today and has $11.87 target or 5.00% above today’s $11.30 share price. The 9 months technical chart setup indicates low risk for the $2.57B company. The gap was reported on Nov, 30 by Barchart.com. If the $11.87 price target is reached, the company will be worth $128.50 million 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 950,688 shares traded hands. Enerplus Corp (TSE:ERF) has risen 48.87% since April 26, 2016 and is uptrending. It has outperformed by 43.65% 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 -6.19% below today’s ($11.3) stock price. Enerplus Corp has been the topic of 22 analyst reports since September 16, 2015 according to StockzIntelligence Inc. Raymond James maintained Enerplus Corp (TSE:ERF) on Monday, June 6 with “” rating. The stock of Enerplus Corp (TSE:ERF) has “Sector Perform” rating given on Tuesday, January 12 by National Bank Canada. Desjardins Securities maintained Enerplus Corp (TSE:ERF) on Tuesday, June 28 with “” rating. IBC initiated Enerplus Corp (TSE:ERF) on Wednesday, June 15 with “Outperform” rating. RBC Capital Markets maintained the shares of ERF in a report on Tuesday, January 26 with “Outperform” rating. Macquarie Research upgraded Enerplus Corp (TSE:ERF) rating on Monday, June 6. Macquarie Research has “Outperform” rating and $9.75 price target. On Wednesday, June 1 the stock rating was maintained by RBC Capital Markets with “Outperform”.
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 $2.57 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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