ENERPLUS CORP. $17.05 (Toronto symbol ERF; Shares outstanding: 200.3 million; Market cap: $3.4 billion; TSINetwork Rating: Extra Risk; Dividend yield: 6.3%) produces an average of 90,037 barrels of oil equivalent a day (54% gas and 46% oil).
The company’s properties are mainly in Alberta, Saskatchewan, B.C., North Dakota and Montana, as well as the Marcellus Shale, which passes through Pennsylvania, New York, Ohio and West Virginia.
In the three months ended June 30, 2013 Enerplus’s cash flow per share rose 37.8%, to $1.02 from $0.74 a year earlier. Production increased 9.6%, oil prices gained 11.6% and gas prices jumped 79.6%.
Enerplus has cut its 2013 exploration and development budget by 19.7%, to $685 million from $853 million in 2012. The company expected this to slow its production growth, but drilling success at Marcellus has pushed its output higher. Enerplus’s Marcellus production jumped 54.4% in the latest quarter, to 88 million cubic feet a day from 57 million cubic feet in the fourth quarter of 2012.
The company’s debt is $1.1 billion, or a manageable 32.4% of its market cap. The stock trades at 4.6 times Enerplus’s 2013 cash flow of $3.74 a share.
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