Enerplus Corp (ERF.TO) Buy, Sell or Hold

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Enerplus Corp (ERF.TO)

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26.78

-0.93 (3.36%)

as of Jun 3, 2024, 8:00:00 pm Market Open.

235 watching

HOLD

(Market Call Minute.) Decent name. Did a good job of selling off some of its Jocelyn Creek oil sands but no immediate catalyst for the upside.

BUY

Very good name. One of the larger trusts. Has done very well in bringing on production. Diversity of projects such as coal bed methane and enhanced oil recovery. These trusts give a solid yield and it pays to hold onto them. You want to be in the ones that are going to be survivors and have good balance sheets.

DON'T BUY

He is picking away at trusts he likes and tries to Buy on weakness but would stay away from this one.

COMMENT

Just acquired Focus Energy Trust, a gas driven trust. Has exposure to the oil sands, which is good. Also has exposure to the Bakken area in Saskatchewan. Feels distributional is safe at the moment. There are others he prefers better.

BUY

(Market Call Minute.) Good exposure to natural gas and with their purchase of Focus its a Buy.

BUY

60% gas/40% oil. Also have some oil sand exposure. Looking to sell their 15% Jocelyn asset, worth about $3 per share. Also developing their Kirby oil sands project. Over 10% yield.

COMMENT

(Market Call Minute.) You could be a buyer here, but he would be cautious. It will be one of the long-term survivors. Prefers the actual producer over the trust.

COMMENT

At the forward current strip he is quite comfortable with their distribution at today's levels. If there is a material downtick in oil and gas there might be some risk of a minor trim. This is one of the longest duration asset-base of the conventional oil/gas income trusts with a very high quality. This is his #1 oil/gas position.

HOLD

With most trusts, what has been supporting them has been the yield from distributions. Probably have 10% to 15% downside risk when they revert to a corporation. This is one of the older ones and has some prospects in the oil sands, but right now it is sort of stuck in the middle without a clear-cut strategy. Thinks it will do okay.

BUY

First oil/gas trust that was formed. 13 year reserve life. Recently has not performed as well as some of its competitors. Income will continue to be high. Given the nature of assets, management feels the best use of their cash flow is not to reinvest, but to pay out to its investors. Don't expect huge growth.

BUY

3 good balanced and diversified energy trusts would include Arc Energy (AET.UN-T), which is evenly weighted between oil and gas, Crescent Point Energy (CPG.UN-T) at about 78% oil and a great play in Saskatchewan or Enerplus Resources (ERF.UN-T) with oil sands and exposure. All 3 are excellent value right now.

WATCH

Good balance sheet and one of the strongest oil/gas income trusts. One of the few trusts that will migrate more readily to the E & P structure post 2011. Missed production numbers and to recover will take a lot of work. Integration risk with Focus Energy (FET.UN-T).

BUY

Merging with Focus Energy (FET.UN-T), which is great for them. Hadn't quite hit their production targets in the last couple of quarters but the new deal gives them good assets.

BUY

Announced a merger with Focus Energy (FET.UN-T), which would be a good for both companies. Focus is a gassy trust and Enerplus is oilier.

BUY

Good quality name. Diverse asset base. Have a lot of options with their oil sands leases and their US gas play. Have been a little challenged in the last couple of quarters having missed slightly. Longer term it is a very decent holding. Prefers Bonavista (BNP.UN-T) or Arc Energy (AET.UN-T).

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