Enerplus (TSE:ERF) Trading Up 4.1% After Dividend Announcement

Enerplus Co. (TSE:ERFGet Rating) (NYSE:ERF) shares were up 4.1% during mid-day trading on Friday following a dividend announcement from the company. The company traded as high as C$16.32 and last traded at C$16.27. Approximately 54,535 shares traded hands during mid-day trading, a decline of 97% from the average daily volume of 1,693,956 shares. The stock had previously closed at C$15.63.

The newly announced dividend which will be paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st will be paid a dividend of $0.05 per share. The ex-dividend date is Tuesday, August 30th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.18%. This is a boost from Enerplus’s previous quarterly dividend of $0.04. Enerplus’s payout ratio is currently 10.29%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ERF shares. Stifel Nicolaus boosted their target price on shares of Enerplus from C$29.00 to C$30.00 in a research note on Monday, July 4th. Scotiabank raised shares of Enerplus from a “sector perform” rating to a “buy” rating and boosted their target price for the stock from C$20.00 to C$25.00 in a research note on Wednesday, June 8th. Finally, CIBC cut their target price on shares of Enerplus from C$28.00 to C$25.00 in a research note on Wednesday, July 13th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of C$20.13.

Enerplus Stock Up 8.5 %

The company has a quick ratio of 0.40, a current ratio of 0.41 and a debt-to-equity ratio of 104.50. The stock has a market capitalization of C$4.08 billion and a price-to-earnings ratio of 13.35. The business’s 50-day moving average is C$18.09 and its two-hundred day moving average is C$16.70.

Enerplus (TSE:ERFGet Rating) (NYSE:ERF) last posted its earnings results on Thursday, May 5th. The oil and natural gas company reported C$0.74 earnings per share for the quarter, beating the consensus estimate of C$0.68 by C$0.06. The firm had revenue of C$650.02 million during the quarter. Equities analysts anticipate that Enerplus Co. will post 3.0299997 EPS for the current year.

Insider Transactions at Enerplus

In related news, Senior Officer Ian Charles Dundas acquired 2,000 shares of the firm’s stock in a transaction dated Thursday, June 23rd. The shares were purchased at an average cost of C$16.47 per share, for a total transaction of C$32,932.40. Following the acquisition, the insider now owns 321,852 shares in the company, valued at approximately C$5,299,679.40.

About Enerplus

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Enerplus Corporation, together with subsidiaries, engages in the exploration and development of crude oil and natural gas in the United States and Canada. The company's oil and natural gas properties are located primarily in North Dakota, Colorado, and Pennsylvania; and Alberta, British Columbia, and Saskatchewan.

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