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Enerplus Corp ERF


Primary Symbol: T.ERF

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.


TSX:ERF - Post by User

Comment by therealDonaldon Jun 17, 2022 4:31pm
179 Views
Post# 34765709

RE:National Bank Upgrade

RE:National Bank Upgrade

nat bank by far the largest seller today. Funny how that works.


retiredcf wrote:

With oil and gas prices continuing to rise “materially,” National Bank Financial analysts Travis Wood and Dan Payne reiterated their bullish stance on the Canadian energy sector, expecting outperformance to continue.

In a research report released Thursday, they said they remain constructive on both crude oil and natural gas supply/demand fundamentals, raising their 2022 price forecast for WTI by 12 per cent to US$106.25 per barrel and Brent by 10 per cent to US$109.25. Their 2023 estimates rose by 4 per cent each to US$93.75 and US$98.50. For NYMEX, their projections jumped 38 per cent and 45 per cent, respectively to US$6.75 and US$5.80 per thousand cubic feet. 

That led them to hike their 2022 and 2023 total cash flow estimates are up by 21 per cent and 15 per cent, respectively, driving an increase of 16-per-cent on average to target prices for stocks in their coverage universe.

“Energy, and more specifically the E&P group, continues to lead the pack in the S&P/TSX Composite Index as the top-performing sector, with our entire coverage hitting 52-week highs in recent weeks (and a handful even hitting all-time highs),” they said. “Given how tight supply fundamentals are, we believe this relative outperformance is sustainable, even as we consider the prospect of an inflationary/rising rate environment, acknowledging that energy has historically outperformed during inflationary periods. Even with the recent market sell-off, the setup remains compelling, with our coverage group now trading, on average, at 3.1 times 2023 estimated EV/DACF [enterprise value to debt-adjusted cash flow] (and a FCF yield of more than 20 per cent).”

For large and mid-cap companies, their changes include:

  • Advantage Energy Ltd. ( “outperform”) to $15 from $12.50. Average: $13.79.
  • ARC Resources Ltd. ( “outperform”) to $32 from $24. Average: $24.39.
  • Birchcliff Energy Ltd. (BIR-T, “outperform”) to $15 from $12.50. Average: $13.46.
  • Baytex Energy Corp. ( “outperform”) to $10.50 from $9.50. Average: $8.89.
  • Crescent Point Energy Corp. ( “outperform”) to $23 from $20. Average: $14.68.
  • Enerplus Corp. ( “outperform”) to US$29 from US$24. Average: $24.43 (Canadian).
  • Freehold Royalties Ltd. ( “outperform”) to $22 from $19.50. Average: $20.14.
  • Kelt Exploration Ltd. (, “outperform”) to $11 from $10. Average: $10.15.
  • Nuvista Energy Ltd. (“sector perform”) to $19 from $14.50. Average: $15.96.
  • Ovintiv Inc. ( “outperform”) to US$115 from US$90. Average: US$67.
  • Peyto Exploration & Development Corp. ( “outperform”) to $23 from $18. Average: $18.25.
  • Pipestone Energy Corp. ( “sector perform”) to $7.50 from $7. Average: $7.33.
  • Paramount Resources Ltd. (POU-T, “outperform”) to $50 from $45.50. Average: $43.75.
  • Prairiesky Royalty Ltd. (, “sector perform”) to $27 from $24. Average: $22.90.
  • Spartan Delta Corp. (, “outperform”) to $22.50 from $18. Average: $18.20.
  • Tourmaline Oil Corp. ( “outperform”) to $95 from $75. Average: $83.12.
  • Topaz Energy Corp. ( “outperform”) to $32 from $27.50. Average: $28.67.
  • Vermilion Energy Inc. (“outperform”) to $52 from $53. Average: $36.54.
  • Whitecap Resources Inc. (“outperform”) to $20 from $17.50. Average: $15.02.

Take your pick of the litter, but our preferred names remain CPG, CVE, HWX, TVE and WCP for oil exposure, and ARX, BIR, SDE and TOU for gas exposure,” he said.



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