ENERPLUS CORP. $23.94 (Toronto symbol ERF; Shares outstanding: 181.2 million; Market cap: $4.3 billion; TSINetwork Rating: Extra Risk; Dividend yield: 9.0%) produces an average of 77,221 barrels of oil equivalent per day (weighted 55% to natural gas and 45% to oil). Its 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 December 31, 2011, Enerplus’ cash flow per share fell 5.4%, to $0.87 from $0.92. That’s mainly due to lower gas prices, which offset gains from higher oil prices.
In 2011, the company sold 91,000 of its 201,000 acres of natural gas properties in the Marcellus Shale for $568 million U.S. It used the funds to continue rapidly expanding its exploration drilling.
This year, Enerplus plans to put a total of $800 million toward its drilling and exploration efforts, up 3.9% from the $770 million it spent in 2011. By the end of 2012, it aims to boost its production to an average of 88,000 barrels of oil equivalent a day.
To help fund these efforts, the company just raised $345 million by selling new shares for $23.45 each. Its long-term debt is $860.3 million, or a low 20.0% of its market cap.
Enerplus converted from an income trust to a corporation on January 1, 2011, in response to Ottawa’s trust tax. However, it has $1.9 billion of tax pools that will let it offset the tax until at least 2016. That will help it maintain its 9.0% yield.
The shares trade at 6.1 times Enerplus’ forecast 2012 cash flow of $3.90 a share.
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