Will Enerplus Corporation (ERF) Short Squeeze Soon? The Stock Formed a Double Top Chart Pattern

July 16, 2018 - By Carolyn Hewitt

Enerplus Corporation (NYSE:ERF) Logo

The chart of Enerplus Corporation (ERF) shows a double top with $13.30 target or 5.00 % above today’s $12.67 share price. The 9 months chart pattern indicates low risk for the $3.15B company. It was reported on Jul, 16 by Finviz.com. If the $13.30 price target is reached, the company will be worth $157.55 million more. Double tops are rare but powerful chart patterns.

The stock decreased 3.43% or $0.45 during the last trading session, reaching $12.67. About 504,795 shares traded. Enerplus Corporation (NYSE:ERF) has risen 50.51% since July 16, 2017 and is uptrending. It has outperformed by 37.94% the S&P500.

Analysts await Enerplus Corporation (NYSE:ERF) to report earnings on August, 10. They expect $0.24 earnings per share, 0.00 % or $0.00 from last year’s $0.24 per share. ERF’s profit will be $59.69 million for 13.20 P/E if the $0.24 EPS becomes a reality. After $0.09 actual earnings per share reported by Enerplus Corporation for the previous quarter, Wall Street now forecasts 166.67 % EPS growth.

Enerplus Corporation, together with subsidiaries, engages in the exploration and development of natural gas and crude oil in the United States and Canada. The company has market cap of $3.15 billion. The companyÂ’s oil and natural gas properties are located primarily in North Dakota, Montana, and Pennsylvania; and Alberta, British Columbia, and Saskatchewan. It has a 21.88 P/E ratio. As of December 31, 2016, it had proved plus probable gross reserves of approximately 14.3 million barrels of light and medium crude oil; 39.0 MMbbls of heavy crude oil; 123.0 MMbbls of tight oil; 18.1 MMbbls of natural gas liquids; 126.3 billion cubic feet (Bcf) of conventional natural gas; and 1,002.8 Bcf of shale gas.

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