Enerplus (ERF) Hits New 52-Week High Following Dividend Announcement

Enerplus (TSE:ERF) (NYSE:ERF)’s share price reached a new 52-week high during mid-day trading on Thursday after the company announced a dividend. The stock traded as high as C$16.40 and last traded at C$16.36, with a volume of 609859 shares trading hands. The stock had previously closed at C$15.77.

The newly announced dividend which will be paid on Friday, June 15th. Shareholders of record on Wednesday, May 30th will be paid a dividend of $0.01 per share. The ex-dividend date of this dividend is Tuesday, May 29th.

Several equities analysts have issued reports on the stock. CIBC upped their target price on shares of Enerplus from C$17.50 to C$18.50 in a research note on Monday, February 26th. Barclays upped their target price on shares of Enerplus from C$18.00 to C$20.00 in a research note on Monday, February 26th. Royal Bank of Canada upped their target price on shares of Enerplus from C$13.00 to C$16.00 and gave the company an “outperform” rating in a research note on Monday, February 26th. TD Securities lowered their target price on shares of Enerplus from C$18.50 to C$18.00 and set a “buy” rating on the stock in a research note on Friday, May 4th. Finally, National Bank Financial lowered their target price on shares of Enerplus from C$19.50 to C$18.50 and set an “outperform” rating on the stock in a research note on Friday, May 4th. Seven equities research analysts have rated the stock with a buy rating, The stock currently has an average rating of “Buy” and an average price target of C$18.17.

Enerplus (TSE:ERF) (NYSE:ERF) last released its quarterly earnings results on Friday, February 23rd. The oil and natural gas company reported C$0.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of C$0.11 by C$0.23. Enerplus had a net margin of 5.63% and a return on equity of 3.85%. The firm had revenue of C$271.10 million during the quarter, compared to analyst estimates of C$246.00 million.

In other news, insider David Mccoy sold 8,187 shares of the company’s stock in a transaction dated Sunday, March 4th. The shares were sold at an average price of C$14.04, for a total transaction of C$114,945.48. Also, insider Shaina Brianne Morihira sold 6,579 shares of the company’s stock in a transaction dated Tuesday, March 6th. The shares were sold at an average price of C$14.04, for a total transaction of C$92,369.16. Insiders have sold a total of 39,766 shares of company stock valued at $608,315 in the last ninety days.

Enerplus Company Profile

Enerplus Corporation, together with subsidiaries, engages in the exploration and development of crude oil and natural gas in the United States and Canada. Its crude oil properties are located in the Fort Berthold region of North Dakota and the Elm Coulee field in Richland County, Montana; and crude oil Waterfloods in Alberta and Saskatchewan, Canada.

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