Enerplus Corporation (ERF) Draws Bullish Attention After Forming Wedge Up Pattern

May 18, 2018 - By Margarite Burden

Enerplus Corporation (NYSE:ERF) Logo

The stock of Enerplus Corporation (ERF) formed an up wedge with $13.30 target or 4.00 % above today’s $12.79 share price. The 5 months wedge indicates low risk for the $3.11 billion company. If the $13.30 price target is reached, the company will be worth $124.56 million more.
Rising wedges, especially for downward breakouts are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 8% and 24%. The average rise is 28% and the decline is 14%. Wedges has high throwback and pullback rate: 73%, 63% and the percent of wedges meeting target is not more than 50%.

The stock increased 3.65% or $0.45 during the last trading session, reaching $12.79. About 1.61M shares traded or 69.94% up from the average. Enerplus Corporation (NYSE:ERF) has risen 46.73% since May 18, 2017 and is uptrending. It has outperformed by 35.18% the S&P500.

Analysts await Enerplus Corporation (NYSE:ERF) to report earnings on August, 10. They expect $0.22 EPS, down 8.33 % or $0.02 from last year’s $0.24 per share. ERF’s profit will be $53.56M for 14.53 P/E if the $0.22 EPS becomes a reality. After $0.09 actual EPS reported by Enerplus Corporation for the previous quarter, Wall Street now forecasts 144.44 % EPS growth.

More news for Enerplus Corporation (NYSE:ERF) were recently published by: Seekingalpha.com, which released: “Enerplus Corporation 2018 Q1 – Results – Earnings Call Slides” on May 04, 2018. Streetinsider.com‘s article titled: “Form 6-K ENERPLUS Corp For: May 17” and published on May 17, 2018 is yet another important article.

Enerplus Corporation, together with subsidiaries, engages in the exploration and development of natural gas and crude oil in the United States and Canada. The company has market cap of $3.11 billion. The companyÂ’s oil and natural gas properties are located primarily in North Dakota, Montana, and Pennsylvania; and Alberta, British Columbia, and Saskatchewan. It has a 17.05 P/E ratio. As of December 31, 2016, it had proved plus probable gross reserves of approximately 14.3 million barrels of light and medium crude oil; 39.0 MMbbls of heavy crude oil; 123.0 MMbbls of tight oil; 18.1 MMbbls of natural gas liquids; 126.3 billion cubic feet (Bcf) of conventional natural gas; and 1,002.8 Bcf of shale gas.

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