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Enerplus CorpERF.TOPAST TOP PICKSep 19, 2014Stock 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.
(A Past Pick Oct 2/13. up 24.7%.) Just suspended the stock dividend program today. It was a sweetener. Management has said this is going to help build shareholder value longer term, which he agrees with. It is going to alienate some shareholders. Sold half his position when the stock was around $26 and has now just sold the rest on the news. Expects more downside, but will probably go back in.