Enerplus

NYSE:ERF

Snowflake Description

Solid track record with excellent balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.

ERF

NYSE

CA$2B

Market Cap

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Last updated 2019/05/27 00:23

Company description

Enerplus Corporation, together with subsidiaries, engages in the exploration and development of crude oil and natural gas in the United States and Canada. The last earnings update was 17 days ago. More info.

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Enerplus has significant price volatility in the past 3 months.

ERF Share Price and Events

7 Day Returns

-7.9%

NYSE:ERF

-3.6%

US Oil and Gas

-1.4%

US Market

1 Year Returns

-34.7%

NYSE:ERF

-16.1%

US Oil and Gas

1.6%

US Market

ERF Shareholder Return

	7 Day	30 Day	90 Day	1 Year	3 Year	5 Year
Enerplus (ERF)	-7.9%	-15.6%	-14.6%	-34.7%	50.4%	-66.5%
US Oil and Gas	-3.6%	-8.4%	-5.9%	-16.1%	-5.8%	-35.9%
US Market	-1.4%	-3.9%	0.1%	1.6%	33.2%	38.2%

1 Year Return vs Industry and Market

ERF underperformed the Oil and Gas industry which returned -16.1% over the past year.
ERF underperformed the Market in United States of America which returned 1.6% over the past year.

Price Volatility

ERF

Industry

5yr Volatility vs Market

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ERF Value

Is Enerplus undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.

INTRINSIC VALUE BASED ON FUTURE CASH FLOWS

Here we compare the current share price of Enerplus to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.

Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Enerplus.

NYSE:ERF Discounted Cash Flow Data Sources
Data Point	Source	Value
Valuation Model		2 Stage Free Cash Flow to Equity
Levered Free Cash Flow	Average of 3 Analyst Estimates (S&P Global)	See below
Discount Rate (Cost of Equity)	See below	9%
Perpetual Growth Rate	10-Year US Government Bond Rate	2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:ERF
Data Point	Calculation/ Source	Result
Risk-Free Rate	10-Year US Govt Bond Rate	2.7%
Equity Risk Premium	S&P Global	6%
Oil and Gas Unlevered Beta	Simply Wall St/ S&P Global	0.89
Re-levered Beta	= Unlevered beta (1 + (1- tax rate) (Debt/Equity)) = 0.889 (1 + (1- 26.5%) (30.59%))	1.06
Levered Beta	Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm)	1.06
Discount Rate/ Cost of Equity	= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium) = 2.73% + (1.06 * 5.96%)	9.04%

Discounted Cash Flow Calculation for NYSE:ERF using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Enerplus is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:ERF DCF 1st Stage: Next 10 year cash flow forecast
	Levered FCF (CAD, Millions)	Source	Present Value Discounted (@ 9.04%)
2019	157.11	Analyst x6	144.08
2020	254.93	Analyst x4	214.39
2021	213.39	Analyst x3	164.57
2022	292.00	Analyst x1	206.52
2023	326.76	Est @ 11.9%	211.93
2024	356.66	Est @ 9.15%	212.14
2025	382.43	Est @ 7.22%	208.60
2026	404.90	Est @ 5.88%	202.54
2027	424.87	Est @ 4.93%	194.90
2028	443.02	Est @ 4.27%	186.37
Present value of next 10 years cash flows			CA$1,946.05

NYSE:ERF DCF 2nd Stage: Terminal Value
	Calculation	Result
Terminal Value	= FCF₂₀₂₈ × (1 + g) ÷ (Discount Rate – g) = CA$443.02 × (1 + 2.73%) ÷ (9.04% – 2.73%)	CA$7,207.11
Present Value of Terminal Value	= Terminal Value ÷ (1 + r)¹⁰ = CA$7,207.11 ÷ (1 + 9.04%)¹⁰	CA$3,031.87

NYSE:ERF Total Equity Value
	Calculation	Result
Total Equity Value	= Present value of next 10 years cash flows + Terminal Value = CA$1,946.05 + CA$3,031.87	CA$4,977.92
Equity Value per Share (CAD)	= Total value / Shares Outstanding = CA$4,977.92 / 235.50	CA$21.14

NYSE:ERF Discount to Share Price
	Calculation	Result
Non-primary Listing Adjustment Factor	1 share in NYSE:ERF represents 0.7447x of TSX:ERF (This could be a different class, a depositary receipt, a different currency, or all of these things.)	0.7447x
Value per Share (Listing Adjusted, USD)	= Value per Share (CAD) x Listing Adjustment Factor = CA$ 21.14 x 0.7447	$15.74
Value per share (USD)	From above.	$15.74
Current discount	Discount to share price of $7.73 = -1 x ($7.73 - $15.74) / $15.74	50.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount

Amount off the current price Enerplus is available for.

^>50%

Share price is $7.73 vs Future cash flow value of $15.74

Current Discount Checks

For Enerplus to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.

Enerplus's share price is below the future cash flow value, and at a moderate discount (> 20%).
Enerplus's share price is below the future cash flow value, and at a substantial discount (> 40%).

PRICE RELATIVE TO MARKET

We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Enerplus's earnings, growth and assets is considered below, and whether this is a fair price.

Price based on past earnings

Are Enerplus's earnings available for a low price, and how does this compare to other companies in the same industry?

Raw Data

NYSE:ERF PE (Price to Earnings) Ratio Data Sources
Data Point	Source	Value
Earnings Per Share *	Company Filings (2019-03-31) in CAD	CA$1.51
TSX:ERF Share Price **	TSX (2019-05-24) in CAD	CA$10.38
United States of America Oil and Gas Industry PE Ratio	Median Figure of 101 Publicly-Listed Oil and Gas Companies	12.78x
United States of America Market PE Ratio	Median Figure of 3,086 Publicly-Listed Companies	17.45x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Enerplus.

NYSE:ERF PE (Price to Earnings) Ratio Calculation
	Calculation	Outcome
PE Ratio	= TSX:ERF Share Price ÷ EPS (both in CAD) = 10.38 ÷ 1.51	6.85x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

Enerplus is good value based on earnings compared to the US Oil and Gas industry average.
Enerplus is good value based on earnings compared to the United States of America market.

Price based on expected Growth

Does Enerplus's expected growth come at a high price?

Raw Data

NYSE:ERF PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point	Source	Value
PE Ratio	See PE Ratio Section	6.85x
Net Income Annual Growth Rate	See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts	0.1%per year
United States of America Oil and Gas Industry PEG Ratio	Median Figure of 76 Publicly-Listed Oil and Gas Companies	0.47x
United States of America Market PEG Ratio	Median Figure of 2,121 Publicly-Listed Companies	1.51x

*Line of best fit is calculated by linear regression .

NYSE:ERF PEG (Price to Earnings to Growth) Ratio Calculation
	Calculation	Outcome
PEG Ratio	= PE Ratio ÷ Net Income Annual Growth Rate = 6.85x ÷ 0.1%	69.54x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

Enerplus is poor value based on expected growth next year.

Price based on value of assets

What value do investors place on Enerplus's assets?

Raw Data

NYSE:ERF PB (Price to Book) Ratio Data Sources
Data Point	Source	Value
Book Value per Share	Company Filings (2019-03-31) in CAD	CA$8.23
TSX:ERF Share Price *	TSX (2019-05-24) in CAD	CA$10.38
United States of America Oil and Gas Industry PB Ratio	Median Figure of 195 Publicly-Listed Oil and Gas Companies	1.12x
United States of America Market PB Ratio	Median Figure of 5,208 Publicly-Listed Companies	1.8x

NYSE:ERF PB (Price to Book) Ratio Calculation
	Calculation	Outcome
PB Ratio	= TSX:ERF Share Price ÷ Book Value per Share (both in CAD) = 10.38 ÷ 8.23	1.26x

* Primary Listing of Enerplus.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

Enerplus is overvalued based on assets compared to the US Oil and Gas industry average.

Show me more potentially undervalued companies in the Oil and Gas industry

Value checks

We assess Enerplus's value by looking at:

Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)

Full details on the Value part of the Simply Wall St company analysis model.

ERF Future Performance

How is Enerplus expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!

0.1%

Expected annual growth in earnings.

Earnings growth vs Low Risk Savings

Is Enerplus expected to grow at an attractive rate?

Enerplus's earnings growth is positive but not above the low risk savings rate of 2.7%.

Growth vs Market Checks

Enerplus's earnings growth is positive but not above the United States of America market average.
Enerplus's revenue growth is expected to exceed the United States of America market average.

Annual Growth Rates Comparison

Raw Data

NYSE:ERF Future Growth Rates Data Sources
Data Point	Source	Value (per year)
NYSE:ERF Future Earnings Growth Rate	Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts	0.1%
NYSE:ERF Future Revenue Growth Rate	Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts	16.1%
United States of America Oil and Gas Industry Earnings Growth Rate	Market Cap Weighted Average	12.1%
United States of America Oil and Gas Industry Revenue Growth Rate	Market Cap Weighted Average	4.6%
United States of America Market Earnings Growth Rate	Market Cap Weighted Average	13.7%
United States of America Market Revenue Growth Rate	Market Cap Weighted Average	7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations

Raw Data

NYSE:ERF Analysts Growth Expectations Data Sources
Data Point	Source	Value
Past Financials	Company Filings (1 month ago)	See Below
Future Estimates	Average of up to 3 Analyst Estimates (S&P Global)	See Below

All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:ERF Future Estimates Data
Date (Data in CAD Millions)	Revenue	Cash Flow	Net Income *	Avg. No. Analysts
2022-12-31	1,020
2021-12-31	897	322
2020-12-31	1,794	850	363	3
2019-12-31	1,676	776	300	3

NYSE:ERF Past Financials Data
Date (Data in CAD Millions)	Revenue	Cash Flow	Net Income *
2019-03-31	1,229	688	368
2018-12-31	1,205	739	378
2018-09-30	1,154	652	144
2018-06-30	991	551	73
2018-03-31	898	508	190
2017-12-31	866	476	237
2017-09-30	819	416	1,062
2017-06-30	814	407	945
2017-03-31	768	370	647
2016-12-31	685	312	397
2016-09-30	666	314	-1,068
2016-06-30	703	331	-1,260

*GAAP earnings excluding extraordinary items.

High Growth Checks

Enerplus's earnings are expected to grow by 0.1% yearly, however this is not considered high growth (20% yearly).
Enerplus's revenue is expected to grow by 16.1% yearly, however this is not considered high growth (20% yearly).

Past and Future Earnings per Share

The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.

Raw Data

NYSE:ERF Past and Future Earnings per Share
Data Point	Source	Value
Past Financials	Company Filings (1 month ago)	See Below
Future Estimates	Average of up to 3 Analyst Estimates (S&P Global)	See Below

All data from Enerplus Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:ERF Future Estimates Data
Date (Data in CAD Millions)	EPS *	EPS High Estimate	EPS Low Estimate	Avg. No. Analysts
2022-12-31
2021-12-31	1.31	1.31	1.31	1.00
2020-12-31	1.47	1.67	1.35	3.00
2019-12-31	1.14	1.28	0.95	4.00

NYSE:ERF Past Financials Data
Date (Data in CAD Millions)	EPS *
2019-03-31	1.51
2018-12-31	1.55
2018-09-30	0.59
2018-06-30	0.30
2018-03-31	0.78
2017-12-31	0.98
2017-09-30	4.40
2017-06-30	3.92
2017-03-31	2.75
2016-12-31	1.75
2016-09-30	-4.90
2016-06-30	-6.02

*GAAP earnings excluding extraordinary items.

Performance in 3 years

In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.

Unable to establish if Enerplus will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Future performance checks

We assess Enerplus's future performance by looking at:

Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
Is the annual earnings growth rate expected to be above 20%? (1 check)
Is the annual revenue growth rate expected to be above 20%? (1 check)
Is the Return on Equity in 3 years expected to be over 20%? (1 check)

Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Enerplus has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

ERF Past Performance

How has Enerplus performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.

Past earnings growth

Below we compare Enerplus's growth in the last year to its industry (Oil and Gas).

Past Earnings growth analysis

We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.

Enerplus has delivered over 20% year on year earnings growth in the past 5 years.
Enerplus's 1-year earnings growth exceeds its 5-year average (93.2% vs 26.5%)
Enerplus's earnings growth has exceeded the US Oil and Gas industry average in the past year (93.2% vs 31.8%).

Earnings and Revenue History

Enerplus's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.

Raw Data

All data from Enerplus Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:ERF Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions)	Revenue	Net Income *	G+A Expenses
2019-03-31	1,229.40	367.80	74.27
2018-12-31	1,205.45	378.28	75.78
2018-09-30	1,153.91	144.24	76.43
2018-06-30	990.65	73.44	75.88
2018-03-31	897.81	190.34	74.03
2017-12-31	866.38	237.00	74.30
2017-09-30	819.47	1,062.05	82.58
2017-06-30	813.65	945.23	83.46
2017-03-31	767.54	647.38	87.36
2016-12-31	685.32	397.42	86.32
2016-09-30	666.40	-1,067.90	76.81
2016-06-30	702.85	-1,259.87	89.23
2016-03-31	774.57	-1,403.86	94.24
2015-12-31	833.49	-1,523.40	103.87
2015-09-30	950.81	-746.76	110.17
2015-06-30	1,093.51	-386.67	104.08
2015-03-31	1,250.95	-34.17	108.00
2014-12-31	1,444.67	299.08	105.04
2014-09-30	1,454.36	177.05	109.51
2014-06-30	1,442.68	105.90	111.69
2014-03-31	1,371.19	104.41	108.17
2013-12-31	1,282.08	47.98	110.26
2013-09-30	1,260.06	-255.32	104.90
2013-06-30	1,181.80	-315.07	103.45
2013-03-31	1,117.04	-253.27	99.76
2012-12-31	1,096.71	-270.70	93.84
2012-09-30	1,098.44	-296.44	94.33
2012-06-30	1,092.98	-121.65	89.99

*GAAP earnings excluding extraordinary items.

Performance last year

We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.

Enerplus has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
Enerplus used its assets more efficiently than the US Oil and Gas industry average last year based on Return on Assets.
Enerplus has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).

Show me more strong past performing companies in the Oil and Gas industry

Past performance checks

We assess Enerplus's performance over the past 5 years by checking for:

Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)

The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Enerplus has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

ERF Health

How is Enerplus's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Enerplus's finances.

The net worth of a company is the difference between its assets and liabilities.

Net Worth

Enerplus is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
Enerplus's long term commitments exceed its cash and other short term assets.

Balance sheet

This treemap shows a more detailed breakdown of Enerplus's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.

Assets

Liabilities and shares

The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.

High level of physical assets or inventory.
Debt is not covered by short term assets, assets are 0.7x debt.

Historical Debt

Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.

Raw Data

All data from Enerplus Company Filings, last reported 1 month ago.

NYSE:ERF Past Debt and Equity Data
Date (Data in CAD Millions)	Total Equity	Total Debt	Cash & Short Term Investments
2019-03-31	1,959.89	747.79	319.00
2018-12-31	2,000.99	696.85	363.33
2018-09-30	1,762.03	661.20	347.61
2018-06-30	1,708.92	672.20	360.42
2018-03-31	1,667.96	688.37	396.40
2017-12-31	1,600.77	672.38	346.55
2017-09-30	1,577.39	667.32	349.05
2017-06-30	1,616.37	693.13	385.06
2017-03-31	1,527.37	744.00	4.16
2016-12-31	1,460.51	768.83	1.26
2016-09-30	601.17	729.08	75.01
2016-06-30	701.66	723.32	49.17
2016-03-31	646.69	994.12	1.28
2015-12-31	897.75	1,223.68	7.50
2015-09-30	1,498.08	1,229.47	2.92
2015-06-30	1,698.12	1,121.68	1.00
2015-03-31	2,066.86	1,274.81	2.60
2014-12-31	2,223.13	1,136.93	3.65
2014-09-30	2,056.00	1,093.21	2.10
2014-06-30	1,949.91	1,069.59	2.00
2014-03-31	1,987.28	1,041.03	5.74
2013-12-31	1,932.30	1,040.85	5.28
2013-09-30	3,091.80	999.90	19.11
2013-06-30	3,130.41	1,159.91	11.82
2013-03-31	3,044.73	1,173.57	13.85
2012-12-31	1,951.24	1,104.21	5.20
2012-09-30	3,226.80	1,153.25
2012-06-30	3,461.00	1,191.70	7.18

Enerplus's level of debt (38.2%) compared to net worth is satisfactory (less than 40%).
The level of debt compared to net worth has been reduced over the past 5 years (52.4% vs 38.2% today).
Debt is well covered by operating cash flow (92.1%, greater than 20% of total debt).
Interest payments on debt are well covered by earnings (EBIT is 13.3x coverage).

Show me more healthy companies in the Oil and Gas industry

Financial health checks

We assess Enerplus's financial health by checking for:

Are short term assets greater than short term liabilities? (1 check)
Are short term assets greater than long term liabilities? (1 check)
Has the debt to equity ratio increased in the past 5 years? (1 check)
Is the debt to equity ratio over 40%? (1 check)
Is the debt covered by operating cash flow? (1 check)
Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)

For companies that are loss making and have been so on average in the past we replace the last 2 checks with:

Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)

Full details on the Health part of the Simply Wall St company analysis model.

ERF Dividends

What is Enerplus's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.

Annual Dividend Income

1.16%

Current annual income from Enerplus dividends. Estimated to be 1.16% next year.

If you bought $2,000 of Enerplus shares you are expected to receive $23 in your first year as a dividend.

Dividend Amount

Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?

Enerplus's pays a lower dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
Enerplus's dividend is below the markets top 25% of dividend payers in United States of America (3.75%).

Upcoming dividend payment

Purchase Enerplus before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.

Annualized Historical and Future Dividends

It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.

Raw Data

NYSE:ERF Annualized Past and Future Dividends
Data Point	Source	Value
Past Annualized Dividend Yield	S&P Global Market Data	See Below
Past Dividends per Share	Company Filings/ Annualized Dividend Payments	See Below
Future Dividends per Share Estimates	Average of up to 3 Analyst Estimates (S&P Global)	See Below
United States of America Oil and Gas Industry Average Dividend Yield	Market Cap Weighted Average of 66 Stocks	3.8%
United States of America Market Average Dividend Yield	Market Cap Weighted Average of 2007 Stocks	2.5%
United States of America Minimum Threshold Dividend Yield	10th Percentile	0.8%
United States of America Bottom 25% Dividend Yield	25th Percentile	1.5%
United States of America Top 25% Dividend Yield	75th Percentile	3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:ERF Future Dividends Estimate Data
Date (Data in CA$)	Dividend per Share (annual)	Avg. No. Analysts
2022-12-31	0.12	1.00
2021-12-31	0.12	2.00
2020-12-31	0.12	9.00
2019-12-31	0.12	9.00

NYSE:ERF Past Annualized Dividends Data
Date (Data in CA$)	Dividend per share (annual)	Avg. Yield (%)
2019-05-21	0.120	1.112
2019-04-18	0.120	1.008
2019-03-19	0.120	1.028
2019-02-15	0.120	1.055
2019-01-21	0.120	1.071
2018-12-17	0.120	1.074
2018-11-19	0.120	0.967
2018-10-19	0.120	0.952
2018-09-18	0.120	0.776
2018-08-20	0.120	0.761
2018-07-18	0.120	0.709
2018-05-17	0.120	0.739
2018-04-19	0.120	0.781
2018-03-19	0.120	0.824
2018-02-16	0.120	0.856
2018-01-19	0.120	0.886
2017-12-18	0.120	0.953
2017-11-20	0.120	1.055
2017-10-19	0.120	1.028
2017-09-18	0.120	1.025
2017-08-21	0.120	1.088
2017-07-20	0.120	1.075
2017-06-19	0.120	1.135
2017-05-16	0.120	1.104
2017-04-18	0.120	1.172
2017-03-17	0.120	1.137
2017-02-16	0.120	1.036
2017-01-20	0.120	1.002
2016-12-19	0.120	0.974
2016-11-18	0.120	1.037
2016-10-20	0.120	1.288
2016-09-19	0.120	1.361
2016-08-19	0.120	1.350
2016-07-19	0.120	1.406
2016-06-17	0.120	1.446
2016-04-21	0.120	1.712
2016-02-19	0.120	2.473
2016-02-18	0.360	8.750
2016-01-21	0.360	8.918
2015-12-18	0.360	9.120
2015-11-20	0.360	6.356
2015-10-20	0.600	8.901
2015-09-18	0.600	8.326
2015-08-20	0.600	8.079
2015-07-20	0.600	7.161
2015-06-19	0.600	5.631
2015-05-19	0.600	5.060
2015-04-20	0.600	4.214
2015-03-19	0.600	4.379
2015-02-17	1.080	8.494
2015-01-22	1.080	8.332
2014-12-18	1.080	10.007
2014-11-14	1.080	7.900
2014-10-20	1.080	6.581
2014-09-19	1.080	5.666
2014-08-26	1.080	4.796
2014-07-24	1.080	4.418
2014-06-27	1.080	4.189
2014-05-23	1.080	4.261
2014-04-24	1.080	4.539
2014-03-25	1.080	4.749
2014-02-21	1.080	5.039
2014-01-24	1.080	5.153
2013-12-20	1.080	5.562
2013-11-25	1.080	5.563
2013-10-25	1.080	5.845
2013-09-24	1.080	6.257
2013-08-26	1.080	6.089
2013-07-23	1.080	6.303
2013-06-26	1.080	6.683
2013-05-24	1.080	6.952
2013-04-23	1.080	7.284
2013-03-25	1.080	7.703
2013-02-21	1.080	7.535
2013-01-25	1.080	8.170
2012-12-21	1.080	8.237
2012-11-29	1.080	8.341
2012-10-30	1.080	7.987
2012-08-29	1.080	6.677
2012-07-31	1.080	7.257
2012-06-12	1.080	8.194
2012-05-29	2.160	15.504
2012-04-30	2.160	13.761
2012-03-29	2.160	11.278
2012-02-28	2.160	9.287
2012-01-31	2.160	9.030
2011-12-23	2.160	8.716
2011-11-29	2.160	8.412
2011-10-31	2.160	7.921
2011-09-29	2.160	8.127
2011-08-30	2.160	8.097
2011-07-29	2.160	7.803
2011-06-29	2.160	7.181
2011-05-31	2.160	7.155
2011-04-29	2.160	7.120
2011-03-31	2.160	7.183
2011-02-28	2.160	7.032
2011-01-31	2.160	6.901
2010-12-20	2.160	6.830
2010-11-30	2.160	7.237
2010-10-29	2.160	7.580
2010-08-31	2.160	8.355
2010-07-29	2.160	9.075
2010-06-30	2.160	9.289
2010-05-31	2.160	9.202
2010-04-29	2.160	9.220
2010-03-31	2.160	8.919
2010-02-26	2.160	9.071
2010-01-29	2.160	9.345
2009-12-18	2.160	8.976
2009-11-30	2.160	9.041
2009-10-30	2.160	8.924
2009-09-30	2.160	8.822
2009-08-31	2.160	9.146
2009-07-29	2.160	9.403
2009-06-30	2.160	9.329
2009-05-29	2.160	8.537

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

Dividends per share have been stable in the past 10 years.
Dividends per share have fallen over the past 10 years.

Current Payout to shareholders

What portion of Enerplus's earnings are paid to the shareholders as a dividend.

Dividends paid are thoroughly covered by earnings (12.6x coverage).

Future Payout to shareholders

Dividends after 3 years are expected to be thoroughly covered by earnings (12.5x coverage).

Income/ dividend checks

We assess Enerplus's dividend by checking for:

Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
Is current dividend yield above the bottom 25% of dividend payers? (1 check)
Is current dividend yield above the top 25% of dividend payers? (1 check)
Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
If they have paid a dividend for 10 years has it increased in this time? (1 check)
How sustainable is the dividend, can Enerplus afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)

Full details on the Dividends part of the Simply Wall St company analysis model.

ERF Management

What is the CEO of Enerplus's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.

CEO

Ian Dundas

COMPENSATION	CA$4,036,341
AGE	50
TENURE AS CEO	5.8 years

CEO Bio

Mr. Ian Charles Dundas, B.Comm., LLB, has been the Chief Executive Officer and President at Enerplus Corporation since July 1, 2013. Mr. Dundas served as Chief Operating Officer at Enerplus Corporation from April 2011 to July 2013 and as its Executive Vice President from March 2010 to July 2013. Mr. Dundas served as an Executive Vice President at Enerplus Resources Fund since March 2010. Mr. Dundas served as Senior Vice President of Business Development at Enerplus Group since December 2002 and of Enermark Inc. from August 2004 to March 2010. He also served as Senior Vice President of Business and Development at Enerplus Resources Fund since July 2004. Prior to joining Enerplus, Mr. Dundas held several executive positions in the merchant banking business, where he helped oil and gas companies grow by accessing the funding and expertise they required. He served as Vice President and Director of Business & Development at Enermark Inc. since February 2003. He served as a Vice President of Merchant Capital at El Paso Merchant Energy Canada Inc. He served as Vice President of EGEM since August 2001. Prior thereto, he served as Chief Financial Officer and Vice President of Corporate Development at MedMira Inc., a publicly traded biotechnology company since 1999. From 1996 to 2000, he served as Associate, Manager and Director of the merchant capital group of Enron Canada Corp. Mr. Dundas has been a Director of Enerplus Corporation since July 1, 2013. Mr. Dundas is currently the Co-Chair of the YMCA Power of Potential Campaign Committee. Mr. Dundas serves as Member of Special Committee of Salamander Energy (Canada) Holdings Corp. He served as a Director of Mission Oil & Gas Inc. since November 11, 2004. Mr. Dundas served as a Director of SSP Offshore Inc. since December 2002 until September 2014. Mr. Dun das is a member of the Business Council of Canada and of the Board of Governors of the Canadian Association of Petroleum Producers. He served as a Director of Storm Resources Ltd. Mr. Dundas served as a Director of StarPoint Energy Ltd., an administrator of Starpoint Energy Trust. Mr. Dundas served as a Director of Crescent Point Resources Inc. He served as a Director of VenPath Investments Inc. since December 2002. He was admitted to the Alberta Bar in 1995. Mr. Dundas holds a Bachelor of Commerce (Distinction) degree from the University of Calgary and a Bachelor of Laws degree from the University of Alberta.

CEO Compensation

Ian's compensation has been consistent with company performance over the past year, both up more than 20%.
Ian's remuneration is about average for companies of similar size in United States of America.

Management Team Tenure

Average tenure of the Enerplus management team in years:

3.7

Average Tenure

The tenure for the Enerplus management team is about average.

Management Team

Ian Dundas

62

TENURE

7 yrs

Nathan Fisher

TITLE

Vice President of U.S. Development & Geosciences

COMPENSATION

CA$1M

TENURE

3.7 yrs

Drew Mair

TITLE

Manager of Investor Relations

David McCoy

TITLE

VP, General Counsel & Corporate Secretary

COMPENSATION

CA$815K

Garth Doll

TITLE

Vice President of Marketing

TENURE

0.3 yrs

Board of Directors Tenure

Average tenure and age of the Enerplus board of directors in years:

5.3

Average Tenure

Average Age

The tenure for the Enerplus board of directors is about average.

Recent Insider Trading

Enerplus insiders have sold more shares than they have bought in the past 3 months.

Recent Insider Transactions

Announced	Type	Name	Entity	Start	End	Shares	Max Price ($)	Value ($)
21. Mar 19	Sell	Garth Doll	Individual	02. Mar 19	04. Mar 19	-1,489	$8.43	$-12,515
21. Mar 19	Sell	Terry Eichinger	Individual	02. Mar 19	04. Mar 19	-4,906	$8.43	$-41,212
21. Mar 19	Sell	Nathan Fisher	Individual	02. Mar 19	04. Mar 19	-10,627	$8.43	$-89,327
21. Mar 19	Sell	Shaina Morihira	Individual	02. Mar 19	04. Mar 19	-3,599	$8.43	$-30,254
21. Mar 19	Sell	John Hoffman	Individual	02. Mar 19	04. Mar 19	-7,484	$8.43	$-62,889
21. Mar 19	Sell	Daniel Fitzgerald	Individual	02. Mar 19	04. Mar 19	-6,689	$8.43	$-56,218
21. Mar 19	Sell	Raymond Daniels	Individual	02. Mar 19	04. Mar 19	-19,552	$8.43	$-164,322
21. Mar 19	Sell	Jodine J. Labrie	Individual	02. Mar 19	04. Mar 19	-16,682	$8.43	$-140,227
21. Mar 19	Sell	Edward McLaughlin	Individual	02. Mar 19	04. Mar 19	-14,464	$8.43	$-121,565
21. Mar 19	Sell	David McCoy	Individual	02. Mar 19	04. Mar 19	-7,906	$8.43	$-66,443
21. Mar 19	Sell	Ian Dundas	Individual	02. Mar 19	04. Mar 19	-39,867	$8.43	$-335,106
07. Mar 19	Buy	Nathan Fisher	Individual	07. Mar 19	07. Mar 19	5,000	$8.43	$42,141
11. Jan 19	Sell	Glen Roane	Individual	11. Jan 19	11. Jan 19	-20,000	$9.09	$-181,783
09. Jan 19	Sell	Glen Roane	Individual	09. Jan 19	09. Jan 19	-20,000	$8.92	$-178,398
26. Dec 18	Buy	Glen Roane	Individual	24. Dec 18	24. Dec 18	10,000	$7.23	$72,343
21. Dec 18	Buy	Ian Dundas	Individual	21. Dec 18	21. Dec 18	2,000	$7.56	$15,122
20. Dec 18	Buy	Ian Dundas	Individual	20. Dec 18	20. Dec 18	2,000	$8.07	$16,148
19. Dec 18	Buy	Glen Roane	Individual	19. Dec 18	19. Dec 18	10,000	$7.90	$78,954
18. Dec 18	Buy	Glen Roane	Individual	18. Dec 18	18. Dec 18	20,000	$8.12	$162,451
14. Sep 18	Buy	Edward McLaughlin	Individual	13. Sep 18	13. Sep 18	4,000	$11.72	$46,880
07. Sep 18	Buy	Jodine J. Labrie	Individual	07. Sep 18	07. Sep 18	1,000	$11.17	$11,168
07. Sep 18	Buy	Ian Dundas	Individual	07. Sep 18	07. Sep 18	1,000	$11.23	$11,229
06. Sep 18	Buy	Ian Dundas	Individual	06. Sep 18	06. Sep 18	1,000	$11.26	$11,262
06. Sep 18	Buy	Elliott Pew	Individual	06. Sep 18	06. Sep 18	5,000	$11.17	$55,850
30. Aug 18	Buy	Nathan Fisher	Individual	30. Aug 18	30. Aug 18	1,500	$12.80	$19,205
29. Aug 18	Sell	Glen Roane	Individual	29. Aug 18	29. Aug 18	-49,679	$12.76	$-634,055
28. Aug 18	Sell	Glen Roane	Individual	28. Aug 18	28. Aug 18	-10,000	$12.78	$-127,811

Management checks

We assess Enerplus's management by checking for:

Is the CEO's compensation unreasonable compared to market cap? (1 check)
Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
Is the average tenure of the management team less than 2 years? (1 check)
Is the average tenure of the board of directors team less than 3 years? (1 check)

Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

ERF News

Simply Wall St News

Is It Time To Buy Enerplus Corporation (NYSE:ERF)?

Enerplus Corporation (NYSE:ERF), an energy company based in Canada, saw a decent share price growth in the teens level on the NYSE over the last few months. … If you believe ERF should trade below its current price, selling high and buying it back up again when its price falls towards its real value can be profitable. … If you are no longer interested in Enerplus, you can use our free platform to see my list of over 50 other stocks with a high growth potential.

Simply Wall St - 1 year ago – Full article

ERF Company Info

Description

Enerplus Corporation, together with subsidiaries, engages in the exploration and development of crude oil and natural gas in the United States and Canada. The company’s oil and natural gas properties are located primarily in North Dakota, Montana, Colorado, and Pennsylvania; and Alberta, British Columbia, and Saskatchewan. As of December 31, 2018, it had proved plus probable gross reserves of approximately 12.7 million barrels (MMbbls) of light and medium crude oil; 28.4 MMbbls of heavy crude oil; 167.2 MMbbls of tight oil; 21.1 MMbbls of natural gas liquids; 41.1 billion cubic feet (Bcf) of conventional natural gas; and 1,149.5 Bcf of shale gas. The company was founded in 1986 and is headquartered in Calgary, Canada.

Details

Name:	Enerplus Corporation
Ticker:	ERF
Exchange:	NYSE
Founded:	1986
Market Cap:	CA$1,816,863,469
Shares outstanding:	235,497,362
Website:	http://www.enerplus.com
Address:	Enerplus Corporation The Dome Tower, Suite 3000, Calgary, Alberta, T2P 2Z1, Canada

Listings

Exchange Symbol	Ticker Symbol	Security	Exchange	Country	Currency	Listed on
TSX	ERF	Common Shares	The Toronto Stock Exchange	CA	CAD	18. Jan 1990
NYSE	ERF	Common Shares	New York Stock Exchange	US	USD	18. Jan 1990
DB	E17	Common Shares	Deutsche Boerse AG	DE	EUR	18. Jan 1990

Number of employees

Current staff

399

Enerplus employees.

Industry

Industry:	Oil and Gas Exploration and Production
Sector:	Energy

Company Analysis and Financial Data Status

Area	Date (UTC time)
Company Analysis updated:	2019/05/27 00:23
End of day share price update:	2019/05/24 00:00
Last estimates confirmation:	2019/05/23
Last earnings filing:	2019/05/10
Last earnings reported:	2019/03/31
Last annual earnings reported:	2018/12/31

All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

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