ENERPLUS CORP. $24.31 (Toronto symbol ERF; Shares outstanding: 202.8 million; Market cap: $5.0 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.5%) produces an average of 94,167 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 December 31, 2013, Enerplus’s production increased 10.1% from a year earlier. However, cash flow per share fell 11.9%, to $0.89 from $1.01, as a short-term lack of pipeline capacity made it harder for the company to sell its oil at market prices.
The company cut its exploration and development budget by 19.7% in 2013, 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. It aims to end the year with production of over 95,000 barrels a day.
The company’s debt is $1.02 billion, or a manageable 20.4% of its market cap. Enerplus trades at 6.0 times its forecast 2014 cash flow of $4.06 a share. The stock yields 4.4%.
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