Enerplus downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital downgraded Enerplus to Sector Perform from Outperform with a price target of $22, up from $21. Chord Energy and Enerplus are combining in an announced $11B stock and cash transaction whereby Enerplus shareholders will own about one-third of the-pro forma company, the analyst tells investors in a research note. The firm cites the announcement and potential for higher returns elsewhere for the downgrade.