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In a report published Monday, BMO Capital Markets reiterated its Market Perform rating on Enerplus Corp.
ERF, but lowered its price target from $17.00 to $15.00.
BMO Capital noted, “We are reducing our target price to $15 from $17 based on lower growth projections. Our target price is based on a 2012E DACF multiple of 6.1x and is at a ~13% discount to our sum-of-the-parts NAV estimate of $17.16 per share. With production growth slowing next year, we expect much of the expected total return on ERF shares will come from the dividend. As a result, we believe the shares could be range-bound until a visible path to growth is outlined.”
Enerplus Corp. closed on Friday at $12.84.
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