Assuming of course that Devon doesn't re-enter the picture. GLTA
Stifel’s Cody Kwong reduced his Enerplus Corp. target to $27.25 from $27.75, keeping a “buy” rating. The average is $24.15.
“On February 21, it was announced that Enerplus will be acquired by Chord Energy (CHRD) to create the largest Bakken producer in the Williston Basin, with a proforma market cap of over US$10-billion,” said Mr. Kwong. “The implied transaction valuation, based on the closing price of Chord the day before the transaction was announced, was CAD$25.40/sh, which comes in at the high end of our previously estimated take-out range of between $22.00-$26.00/sh, a clear recognition of the depth and quality of ERF’s Bakken assets. With our view that Enerplus received a fair value for its assets while excited about the combined entity ahead, we are moving our target price to CAD$27.25/sh, reflecting the exchange ratio to the new Chord target price (covered by our colleague Derrick Whitfield, Buy, US$157.27, Target US$178), plus the cash and incremental dividend component.”