TD Securities downgraded Enerplus (ERF) to Tender from Buy with a price target of $18.85, down from $21, after the company announced that it has agreed to merge with U.S. Bakken producer Chord Energy (CHRD) for cash and stock that equates to $18.85 per Enerplus share. The 15% premium to yesterday’s close comes on top of the stock having been up 13% month-to-date after media reports discussed potential merger talks between Enerplus and Devon (DVN), notes the firm, which says the Chord offer represents a “compelling valuation.”
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- Enerplus price target lowered to C$24 from C$27 at Scotiabank
