Enerplus (TSX:ERF) stock has plunged 26.9% over the past month as of close on February 6. Shares are down 36% year over year. Oil prices have been hit hard by fears that the coronavirus could put a massive dent in global demand due to its impacts in China.
The company is expected to release its fourth quarter and full-year results for 2019 on February 21. In the third quarter Enerplus reported total production of 107,181 BOE per day, which was up 6% from the prior year.
Adjusted funds flow fell to $175.3 million compared to $186 million in Q3 2018. Its 2019 guidance is projecting Q4 average production between 103,000 and 107,000 BOE/day.
Now is a great time to jump on Enerplus. The company boasts a fantastic track record and its revenue is forecast to steadily increase into the next fiscal year. Shares possessed a price-to-earnings ratio of 3.9 and a price-to-book value of 0.7 as of close on February 6. These are very favourable numbers in comparison to its industry peers.
Enerplus stock last had an RSI of 32. This puts it just outside of technically oversold territory at the time of this writing. Even out of the red, I still love the stock as a cheap pick up today. The stock also pays out a monthly dividend of $0.01 per share, which represents a modest 1.7% yield.
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