Enerplus Receives a Buy from Desjardins

By Ryan Adsit

Wall Street analyst has provided a review for the Materials company yesterday, but retained the same rating on the stock. Analyst Justin Bouchard from Desjardins rated Enerplus (TSX: ERF) a Buy, setting a C$16 price target.

According to TipRanks.com, Bouchard is ranked 0 out of 5 stars with an average return of -8.9% and a 33.0% success rate. Bouchard covers the Basic Materials sector, focusing on stocks such as Athabasca Oil Corporation, Inter Pipeline Ltd, and Gibson Energy Inc.

Enerplus has an analyst consensus of Strong Buy, with a price target consensus of C$15.50.

Based on Enerplus’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of C$228 million and quarterly net profit of C$76.29 million. In comparison, last year the company earned revenue of C$143 million and had a GAAP net loss of C$174 million.

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 last Monday at $10.77.