Enerplus (ERF) Sets New 12-Month High After Dividend Announcement

Enerplus (TSE:ERF) (NYSE:ERF) reached a new 52-week high 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 given a dividend of $0.01 per share. The ex-dividend date is Tuesday, May 29th.

ERF has been the topic of a number of research analyst reports. Canaccord Genuity boosted their price objective on shares of Enerplus from C$16.50 to C$17.00 in a research report on Monday, February 26th. National Bank Financial boosted their price objective on shares of Enerplus from C$21.00 to C$22.00 and gave the company an “outperform” rating in a research report on Monday, February 26th. CSFB boosted their target price on shares of Enerplus from C$17.00 to C$20.00 in a report on Friday, April 13th. Raymond James boosted their target price on shares of Enerplus from C$18.25 to C$19.00 and gave the company an “outperform” rating in a report on Monday, February 26th. Finally, Desjardins boosted their target price on shares of Enerplus from C$16.00 to C$17.50 in a report on Monday, February 26th. Seven research analysts have rated the stock with a buy rating, Enerplus presently has a consensus rating of “Buy” and an average price target of C$18.17.

Enerplus (TSE:ERF) (NYSE:ERF) last announced its earnings results on Friday, February 23rd. The oil and natural gas company reported C$0.34 EPS for the quarter, beating the Zacks’ 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 for the quarter, compared to analysts’ expectations of C$246.00 million.

In related news, Director Glen Dawson Roane sold 25,000 shares of the company’s stock in a transaction dated Wednesday, May 9th. The shares were sold at an average price of C$16.04, for a total value of C$401,000.00. Also, insider David Mccoy sold 8,187 shares of the company’s stock in a transaction dated Sunday, March 4th. The stock was sold at an average price of C$14.04, for a total transaction of C$114,945.48. In the last 90 days, insiders have sold 39,766 shares of company stock worth $608,315.

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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