Enerplus (ERF) Receives a Buy from Canaccord Genuity


In a new note to investors today, an analyst has provided a rating update for the Materials sector company, Enerplus (TSX: ERF). The company received a Buy rating from Canaccord Genuity’s analyst Dennis Fong, with a C$21 price target.

Fong commented:

“We view the higher liquids and production guidance as a modest net positive despite the higher capex.”

Fong has an average return of 25.4% when recommending Enerplus.

According to TipRanks.com, Fong is ranked #449 out of 4850 analysts.

Read also: Crude Oil: Sell Now, Buy Later

Enerplus has an analyst consensus of Strong Buy, with a price target consensus of C$20.08, which is a 20.9% upside from current levels. In a report issued on July 26, Desjardins also reiterated a Buy rating on the stock with a C$20 price target.

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The company has a one-year high of C$18.04 and a one-year low of C$10.55. Currently, Enerplus has an average volume of 940.3K.

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$16.61.

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