Q2 saw a 21% Q/Q increase in liquids production. The midpoint of 2018e guidance for capex/total production/liquids production has increased by 4.5%/4.0%/3.0%. Management attributed most of the capex increase to increased non-operated activity (Marcellus, North Dakota), while cost inflation had a minor impact. Our ‘18e/’19e estimates are up 4%/3% for CFPS, and 3%/2% for production. TP up $1.00 to $22.00. BUY. ERF remains one of our Best Ideas.
10 Aug 2018
ERF keeps delivering; raising TP to $22.00
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ERF keeps delivering; raising TP to $22.00
Enerplus Corporation (ERF:TSE) | 0 0 0.6% | Mkt Cap: 3,228m
- Published:
10 Aug 2018 -
Author:
Michael P. Dunn -
Pages:
12
Q2 saw a 21% Q/Q increase in liquids production. The midpoint of 2018e guidance for capex/total production/liquids production has increased by 4.5%/4.0%/3.0%. Management attributed most of the capex increase to increased non-operated activity (Marcellus, North Dakota), while cost inflation had a minor impact. Our ‘18e/’19e estimates are up 4%/3% for CFPS, and 3%/2% for production. TP up $1.00 to $22.00. BUY. ERF remains one of our Best Ideas.