Enerplus (ERF) closed the most recent trading day at $16.96, moving -1.11% from the previous trading session. This move lagged the S&P 500's daily gain of 1.63%. Elsewhere, the Dow gained 1.07%, while the tech-heavy Nasdaq added 0.3%.
Heading into today, shares of the oil and natural gas company had gained 37.09% over the past month, outpacing the Oils-Energy sector's gain of 15.61% and the S&P 500's gain of 2.94% in that time.
Investors will be hoping for strength from Enerplus as it approaches its next earnings release, which is expected to be November 3, 2022. In that report, analysts expect Enerplus to post earnings of $0.89 per share. This would mark year-over-year growth of 178.13%.
It is also important to note the recent changes to analyst estimates for Enerplus. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 8.52% lower within the past month. Enerplus is currently a Zacks Rank #3 (Hold).
Digging into valuation, Enerplus currently has a Forward P/E ratio of 5.91. This valuation marks a premium compared to its industry's average Forward P/E of 5.85.
The Oil and Gas - Exploration and Production - Canadian industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 210, which puts it in the bottom 17% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Enerplus Corporation (ERF) : Free Stock Analysis Report
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