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Enerplus CorpERF.TOBUY ON WEAKNESSAug 21, 2013Stock price when the opinion was issued
As of Jun 03, 2024. Market Open.
At least 15 years of drilling inventory in Bakken play. Very strong balance sheet (almost no debt). Expecting ~60% of free cash flow returning to shareholders. Trading under 3x cash flow with $80 oil. Expecting ~$29 share price next year given $80 oil. Expecting strong performance in 2024. Value proposition very strong.
Have done a good job. Good core areas. Balance sheet is in good shape. The market liked their second-quarter results. Dividend is secure. There might be a slightly better buying opportunity in the next few months if there is a correction. This is a name that you want to own going out to-3 years from now. Will be able to raise their distribution sometime in the future and then the stock could go through $20.