Enerplus stock ERF formed a Golden CrossWhen the 50 day moving average crosses above the 200 day moving average, it is called a Resurrection Cross. Conversely, when the 50 day moving average crosses below the 200 day mov... chart pattern on September 1, 2023. ERF stock has a technical rating of strong uptrend.
Enerplus Corporation is a Canadian energy company engaged in the exploration, development, and production of crude oil and natural gas resources. The company primarily operates in North America, with a focus on resource plays in the United States and Canada. Enerplus is involved in the acquisition and development of oil and gas properties, as well as the marketing and sale of its production. They strive to generate sustainable and profitable growth by optimizing their asset base and maintaining a strong balance sheetThe balance sheet is a snapshot of a company's financial position at a specific point in time. It shows the company's assets, liabilities, and equity.. Additionally, Enerplus is committed to responsible energy development and adheres to environmental and social performance standards.
Enerplus Announces Renewal of Normal Course Issuer Bid
Enerplus announced that the Toronto Stock Exchange had accepted its notice to begin a normal course issuer bid on August 15, 2023.
Enerplus proposes to purchase up to 20,970,238 common shares, or 10% of Enerplus’s public float (as defined by the TSX rules) as of August 9, 2023, periodically over the course of the next 12 months through the facilities of the TSX, the New York Stock Exchange, and/or alternative trading systems, if considered prudent.
Enerplus thinks that occasionally the market price of its common shares trades in a range that insufficiently captures their true value. Enerplus has therefore come to the conclusion that the repurchase of common shares for cancellation may represent an alluring investment that will benefit all of the Company’s remaining shareholders and increase the proportionate interest in the Company of those shareholders.
The bid will be executed in accordance with Rule 10b-18 under the U.S. Securities Act of 1933 and/or the TSX’s standard issuer bid rules. Under the Securities Exchange Act of 1934, as amended, which is based on the typical daily trading volumes of Enerplus’ common shares on the relevant exchange, there are limits on the number of common shares that may be bought in a single day, with some exceptions for block purchases. Enerplus will restrict daily purchases of common shares on the TSX in connection with the Bid to no more than 25% (150,260 common shares) of the average daily trading volume of the common shares on the TSX (601,041 common shares) during any trading day, with the exception of block purchases. The Bid will result in the cancellation of any common shares purchased.
Between August 17, 2023 and August 16, 2024, or until the Bid is finished or terminated at Enerplus’s discretion earlier, Enerplus is permitted to make purchases. The Bid will be purchased on the open market at market value as well as through any additional channels that may be approved by the relevant securities regulatory bodies, such as private agreements. Any purchases made by private agreement pursuant to an issuer bid exemption order issued by a securities regulatory authority shall be made at a discount to the then-current market price, unless otherwise specified in any exemption order.
