Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ENERPLUS CORP. We currently have 31 research reports from 1 professional analysts.
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Reports 2Q16 Results, Increases Capital Program, Lowers Cost Guidance Yet Again
08 Aug 16
Enerplus reported 2Q16 results that came in ahead of expectations with controllable cash costs coming in 14% below our forecast. With cost reductions continuing to hit the tape, Management has reduced operating and G&A cost guidance for the second time this year, leading to a positive boost to our cash flow outlook. Given a significantly improved balance sheet and lower cost structure, Management has increased the 2016e capital budget by $15 mm, which will position the Company for growth heading into 2017e. In light of an 8% increase to our 2017e cash flow view, we have increased our target price to $11.50 per share and reiterate our Outperform ranking
2Q16e Quarterly Preview
26 Jul 16
Some Recovery on Segmented Cash Flow Generation Over Q1 Though Still Down 56% Y/Y. In aggregate, the Intermediate, Mid, and Small Cap groups are expected to generate 2Q16e cash flow of $1,281 mm, $183 mm, and $53 mm, or $1.517 billion in total, that while depressed relative to the same period last year (~$2.647 billion combined), is up 17% sequentially from the prior quarter, largely on the strength of crude oil price recovery in the period. Severely weak natural gas pricing picture markedly reversed into summer, market likely to ignore financials for natural gas producers and look ahead to winter and formalization of sell-side 2018e estimates in coming months. Spot AECO natural gas prices recently crested C$2.60/mcf, and with a reasonable alignment of previously distressed NE BC Stn2 differentials, augmented by a withdrawal expected next week, view the market psyche as constructive and looking ahead, with the analogy that this market is shaping up to mirror 2012 still holding. That said, with crude oil poised to retest support levels, combined with strong stock price performance broadly observed YTD, we would characterize sentiment as slightly pessimistic in the near-term which could reduce or unwind momentum-based investment strategies that have worked thus far in 2016.
Intermediates, Mid Caps & Small Cap Commodity Price Update
23 Jun 16
With this publication we highlight forecast revisions associated with our commodity price update (Natural Gas Update; Crude Oil Update), reaffirming a view of commodity price recovery in 2017e. In the interim until then, 2016e Canadian oil price realizations are up ~11% in the synthetic and Edmonton Light streams, with heavy WCS crude up ~20% which is amplified by Canadian oilsands output curtailments. While 2016e Canadian natural gas prices are projected to be ~20% lower, we expect much of this effect to be mitigated by strong hedging positions this year, and remain focused on price recovery next year with very strong increases reflected in both the strip and our revised forecast. Overall, broad valuations are flat to slightly higher coming out of this exercise, with oil/ liquids levered entities observing the highest 2017e CFO uptick. We remain constructive on the space, though the market will need to look past a trough of potentially weak pricing this summer.
Enerplus Closes Bought Deal Financing, Poised for Return to Growth
02 Jun 16
Coming off restriction from our participation in the Company’s latest equity financing, whereby Enerplus issued 33.4 mm common shares at a price of $6.90 per share for gross proceeds of $230 mm, we update our estimates. Since the end of 2015 Management has done an exemplary job of right sizing its capital and dividend programs and driving down its cost structure, while also rationalizing non-core assets, and now with this latest financing is well positioned to accelerate growth in the event of a sustained run in the crude oil tape. Our updated outlook reflects a markedly improved balance sheet with debt levels almost cut in half compared to year-end, while the Company is virtually undrawn on its $800 mm credit facility. On the back of a more constructive view on 2017e, specifically in the context of the current forward strip, we have increased our target price to $9.00 per share while upgrading Enerplus to an Outperform ranking, and would buy the stock here.
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
24 Nov 16
Quixant* (QXT): Gaming gains (CORP) | SCISYS* (SSY): Bringing good news from Germany (CORP) | Hayward Tyler Group*: Contract wins (CORP) | Sound Energy (SOU): TE-7 flow rate and fund raise (BUY) | Water Intelligence* (WATR): Growth and improving returns in a defensive market (CORP) | Imaginatik* (IMTK): Interim trading update (CORP)
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.