After CIBC and Stifel Nicolaus gave Enerplus (NYSE: ERF) a Buy rating last month, the company received another Buy, this time from Canaccord Genuity. Analyst Dennis Fong maintained a Buy rating on Enerplus yesterday and set a price target of C$6.00. The company’s shares closed last Monday at $1.73, close to its 52-week low of $1.56.
According to TipRanks.com, Fong is a 1-star analyst with an average return of -5.0% and a 38.9% success rate. Fong covers the Basic Materials sector, focusing on stocks such as Freehold Royalties, PrairieSky Royalty, and Abraxas Petroleum.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Enerplus with a $6.81 average price target, a 293.6% upside from current levels. In a report released yesterday, RBC Capital also maintained a Buy rating on the stock with a C$4.00 price target.
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The company has a one-year high of $9.74 and a one-year low of $1.56. Currently, Enerplus has an average volume of 2M.
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Enerplus Corp. engages in the exploration and production of crude oil and natural gas. It conducts operations in Willston Basin, Marcellus Shale, and Canadian Waterfloods. The company was founded in 1986 and is headquartered in Calgary, Canada.
