Desjardins downgraded Enerplus (ERF) to Hold from Buy with a price target of $18.50, down from $20, after the company announced that it has agreed to merge with Chord Energy (CHRD) for cash and stock.
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Read More on ERF:
- Enerplus raises quarterly dividend 8% to 6.5c per share
- Chord Energy, Enerplus to combine in $11B stock and cash transaction
- Devon could add needed scale in Bakken with Enerplus deal, says TD Cowen
- Enerplus up 7% after Reuters report of Devon takeover approach
- Devon approached Enerplus with takeover offer, Reuters reports
