The stock of Enerplus Corp (TSE:ERF) gapped up by $0.22 today and has $12.96 target or 3.00% above today’s $12.58 share price. The 7 months technical chart setup indicates low risk for the $3.55B company. The gap was reported on Dec, 1 by Barchart.com. If the $12.96 price target is reached, the company will be worth $106.50M 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 1.99M shares traded hands or 30.92% up from the average. Enerplus Corp (TSE:ERF) has risen 65.76% since April 27, 2016 and is uptrending. It has outperformed by 59.84% 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. Enerplus Corp has been the topic of 22 analyst reports since September 16, 2015 according to StockzIntelligence Inc. Macquarie Research upgraded the stock to “Outperform” rating in Monday, June 6 report. The firm earned “Outperform” rating on Wednesday, June 1 by RBC Capital Markets. Desjardins Securities maintained Enerplus Corp (TSE:ERF) on Tuesday, June 28 with “” rating. The stock of Enerplus Corp (TSE:ERF) has “Sector Perform” rating given on Tuesday, January 12 by National Bank Canada. The rating was maintained by Raymond James with “” on Monday, June 6. The rating was maintained by RBC Capital Markets with “Outperform” on Tuesday, January 26. The stock has “Outperform” rating given by IBC on Wednesday, June 15.
Another recent and important Enerplus Corp (TSE:ERF) news was published by Business.Financialpost.com which published an article titled: “What Enerplus Corp might do with its Marcellus sale proceeds” on October 18, 2016.
Enerplus Corporation is an energy producer. The company has a market cap of $3.55 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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