Enerplus upgraded to Overweight after 16% 2023 pullback at Barclays

Barclays analyst Anthony Linton upgraded Enerplus to Overweight from Equal Weight with a price target of C$30, up from C$28. The analyst sees an opportunity to gain exposure to a "quality" oil-weighted producer with the stock off 16% year-to-date. The firm continues to believe Canadian oil and gas producers are well positioned to deliver on operational and return of capital initiatives in 2023. Any meaningful pullback in the equities is an opportunity to gain exposure to quality companies, the analyst tells investors in a research note.