ENERPLUS CORP. $18.97 (Toronto symbol ERF; Shares outstanding: 202.1 million; Market cap: $3.8 billion; TSINetwork Rating: Extra Risk; Dividend yield: 5.7%) produces an average of 87,729 barrels of oil equivalent a day (52% gas and 48% 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 September 30, 2013, Enerplus’s cash flow per share rose 44.1%, to $0.98 from $0.68 a year earlier. Production increased 7.5%, realized oil prices gained 26.0% and natural gas prices rose 35.5%.
The company cut its 2013 exploration and development budget by 19.7%, to $685 million from $853 million in 2012. Enerplus expected this to slow its production growth, but drilling success at Marcellus has pushed its output higher.
Enerplus now plans to spend $760 million in 2014 and aims to end the year with production of over 95,000 barrels a day.
The company’s debt is $935.8 million, or a manageable 24.6% of its market cap. Enerplus trades at 4.6 times its forecast 2014 cash flow of $4.08 a share. The stock yields 5.7%.
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