Enerplus Gets a Buy Rating from Scotiabank

By Jason Carr

Yesterday, an analyst has provided a rating update for the Materials sector company, Enerplus (TSX: ERF). Scotiabank’s analyst Patrick Bryden reiterates their Buy rating on the shares, with a C$16 price target.

According to TipRanks.com, Bryden is ranked 0 out of 5 stars with an average return of -13.2% and a 28.9% success rate. Bryden covers the Basic Materials sector, focusing on stocks such as Pengrowth Energy Corp, Baytex Energy Corp, and Enerplus Corp.

Currently, the analyst consensus on Enerplus is Strong Buy and the average price target is C$15.14, representing a 43.4% upside.

In a report issued on June 22, AltaCorp Captial also upgraded the stock to Buy with a C$14.50 price target.

Enerplus’ market cap is currently C$2.58B and has a P/E ratio of 3.8.

Enerplus Corp. engages in the exploration and production of oil and gas. Its oil and gas assets are located in Willston Basin, Macellus, Waterfoolds, and Deep Basin. The company was founded in 1986 and is headquartered in Calgary, Canada.

The company’s shares closed on Friday at $10.56.