In a latest note to investors, a research analyst has provided a rating update for the Materials sector company, Enerplus (TSX: ERF). The company received a Buy on October 8 from BMO Capital’s analyst Randy Ollenberger, with a C$22 price target.
According to TipRanks.com, Ollenberger is a 3-star analyst with an average return of 1.1% and a 50.4% success rate. Ollenberger covers the Basic Materials sector, focusing on stocks such as Birchcliff Energy Ltd, Imperial Oil Limited, and Encana Corp.
Currently, the analyst consensus on Enerplus is a Strong Buy with an average price target of C$21.75.
Based on Enerplus’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of C$12.4 million. In comparison, last year the company had a net profit of C$16.13 million.
Enerplus Corp. engages in the exploration and production of crude oil and natural gas. Its portfolio includes Willston Basin, Marcellus, and Waterfoolds. The company was founded in 1986 and is headquartered in Calgary, Canada.
The company’s shares closed on Thursday at C$15.28.