Enerplus Corp T.ERF

Energy Oil & Gas E&P

Enerplus Corporation is a Canada-based independent oil and gas exploration and production company. The Company is focused on the development of North American oil and natural gas assets. Its portfolio includes light oil assets in the Bakken, North Dakota, and a position in the Marcellus natural gas shale region in northeast Pennsylvania. The Company's operations are concentrated in the core of the Bakken/Three Forks light oil shale play where it holds approximately 235,600 net acres in North Dakota. The acreage is primarily located across the Fort Berthold Indian Reservation, as well as in Williams and Dunn Counties. It holds an interest in approximately 32,500 net acres in the dry gas window of the Marcellus shale in northeast Pennsylvania. This non-operated position is located in Susquehanna, Bradford, Wyoming, Sullivan and Lycoming counties.

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Enerplus Corp

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Post by retiredcfon Aug 06, 2021 12:04pm

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Post# 33663559

CIBC

August 5, 2021 Earnings Update

ENERPLUS CORPORATION

Q2/21 Results: 15% Dividend Increase And Free Cash Flow Priorities Accompany In-line Results

Our Conclusion

Enerplus delivered quarterly results that were in line to expectations, with production and cash flow that met estimates, on slightly lower capital spending. The mid-point of guidance for 2021 was also slightly increased and the company is increasing its dividend by 15%. The impact to our estimates is favorable for this year and next and with the stock trading at 2.1x 2022E EV/DACF on strip, we continue to see good value at these levels. Our price target of $13 is based on a 3.4x 2022E EV/DACF multiple and drives an expected return of 79%. We leave our Outperformer rating unchanged.

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