Enerplus Co. to Post Q3 2023 Earnings of $0.66 Per Share, Capital One Financial Forecasts (NYSE:ERF)

Posted by Defense World Staff on Oct 6th, 2023

Enerplus Co. (NYSE:ERF – Free Report) (TSE:ERF) – Equities researchers at Capital One Financial boosted their Q3 2023 EPS estimates for shares of Enerplus in a research report issued to clients and investors on Tuesday, October 3rd. Capital One Financial analyst B. Velie now anticipates that the oil and natural gas company will earn $0.66 per share for the quarter, up from their prior estimate of $0.62. The consensus estimate for Enerplus’ current full-year earnings is $2.31 per share. Capital One Financial also issued estimates for Enerplus’ Q4 2023 earnings at $0.74 EPS, FY2023 earnings at $2.41 EPS, Q1 2024 earnings at $0.70 EPS, Q2 2024 earnings at $0.72 EPS, Q3 2024 earnings at $0.75 EPS, Q4 2024 earnings at $0.79 EPS, FY2024 earnings at $2.97 EPS and FY2025 earnings at $3.28 EPS.

A number of other equities analysts have also recently weighed in on the stock. BMO Capital Markets lifted their price target on shares of Enerplus from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Thursday, August 10th. TD Securities boosted their target price on shares of Enerplus from $17.50 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 10th. StockNews.com started coverage on Enerplus in a research report on Thursday. They set a “hold” rating for the company. Raymond James boosted their price target on shares of Enerplus from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Friday, September 8th. Finally, Royal Bank of Canada lifted their price target on Enerplus from $19.00 to $21.00 and gave the stock an “outperform” rating in a research note on Friday, September 29th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $24.17.

Read Our Latest Report on ERF

Enerplus Trading Down 0.2 %

Enerplus stock opened at $16.15 on Thursday. Enerplus has a 12 month low of $12.84 and a 12 month high of $19.23. The stock has a market cap of $3.39 billion, a P/E ratio of 4.40 and a beta of 2.13. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.14. The company’s fifty day simple moving average is $17.00 and its 200-day simple moving average is $15.49.

Enerplus (NYSE:ERF – Get Free Report) (TSE:ERF) last posted its quarterly earnings data on Wednesday, August 9th. The oil and natural gas company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.04). The company had revenue of $350.94 million for the quarter. Enerplus had a net margin of 41.72% and a return on equity of 57.30%.

Enerplus Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend was Wednesday, August 30th. This is a boost from Enerplus’s previous quarterly dividend of $0.01. Enerplus’s dividend payout ratio is presently 6.81%.

Hedge Funds Weigh In On Enerplus

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. boosted its position in shares of Enerplus by 1.6% in the 2nd quarter. Alliancebernstein L.P. now owns 2,366,408 shares of the oil and natural gas company’s stock worth $34,242,000 after purchasing an additional 38,085 shares in the last quarter. Wells Fargo & Company MN grew its stake in Enerplus by 26.6% during the 2nd quarter. Wells Fargo & Company MN now owns 353,641 shares of the oil and natural gas company’s stock valued at $5,115,000 after purchasing an additional 74,371 shares during the last quarter. State of Tennessee Treasury Department purchased a new position in shares of Enerplus in the second quarter worth about $57,000. Walleye Capital LLC purchased a new stake in Enerplus in the second quarter valued at approximately $911,000. Finally, Goldman Sachs Group Inc. increased its holdings in Enerplus by 83.3% in the 2nd quarter. Goldman Sachs Group Inc. now owns 517,534 shares of the oil and natural gas company’s stock worth $7,489,000 after buying an additional 235,197 shares during the period. Hedge funds and other institutional investors own 56.60% of the company’s stock.

About Enerplus

(Get Free Report)

Enerplus Corporation, together with subsidiaries, acquires, develops, and explores crude oil and natural gas in the United States. Its oil and natural gas properties are located primarily in North Dakota, Colorado, and Pennsylvania. Enerplus Corporation was founded in 1986 and is headquartered in Calgary, Canada.