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Opinions Hap (Robert) Sneddon FCSI
Enerplus CorpERF.TOCOMMENTJan 03, 2014
Hap (Robert) Sneddon FCSIStock price when the opinion was issued
As of Jun 03, 2024. Market Open.
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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.
Eric NuttallOwns ~5 million shares in company (~5% of shares).
Oil assets very profitable.
Management team very good.
Expecting ~60% of free cash flow being returned to shareholders.
Current share price under-valued.
Eric Nuttall
Pure USA Bakken & Marcellus play.
12-15 years of drilling inventory.
Trading at 2.2x times cash flow (fair value = 5x).
Expecting meaningful appreciation of shares.
Eric NuttallEric Nuttall
Jason MannEric NuttallEric NuttallEric NuttallEric Nuttall
Had a great run this year. Still off of its highs of around $33, so if you’ve held it for a while, you are either possibly looking for a place to get out or you become a very long, long term investor. He would look on a shorter-term for the trend line to break. The whole sector is weak today and you can’t tell how it is going to run until we get into February. There is good support coming in the next couple of weeks. If it gets weak before the seasonal period gets started, he would look for the $17 to hold. Quite often you get your weakest just before a new run starts in a sector.