BMO Capital Markets Reiterates Market Perform Rating, $15 PT on Enerplus Corp.

In a report published Monday, BMO Capital Markets reiterated its Market Perform rating and $15.00 price target on Enerplus Corp.

. BMO Capital Markets noted, “Enerplus announced it expects 2013 production to average 82-85,000 boe/d (our current estimate is 85,060 boe/d) and exit 2013 at 84-88,000 boe/d. The company's North Dakota and crude oil waterflood programs will receive ~75% of next year's capex budget of $685 million (previously announced). Enerplus also announced it has entered into an agreement to purchase a further 20% working interest in the Sleeping Giant field of Montana for US$131 million. The company currently has a 70% W.I. in the Sleeping Giant mature light-oil property. The acquisition includes 1,550 boe/d of production and 6.2 MMboe of 2P reserves (both are 80% weighted to light oil).” Enerplus Corp. closed on Friday at $12.83.