Enerplus Corp. (NYSE:ERF) has been trading in a sideways trading range over the past couple weeks where it has formed a resistance line and a level of support. The stock will either break the resistance or the support. Read more to learn how to take advantage of this trade.Enerplus Corp. (ERF) produces and develops crude oil and natural gas assets in Canada and the United States. Majority of oil production is derived from the Williston and Waterfloods basins, with the Marcellus providing a significant portion of natural gas production.
While production was down last year on account of the pandemic, the company performed well in the second quarter. Production was just under 92,000 Barrels of oil equivalent per day (BOE/D) in the quarter. This was 6% higher than the previous quarter and was driven by increased Marcellus volumes.
The company only had $153 million in cash as of the end of March, but this was still higher than its short-term debt of $83 million. The company is not profitable though, with a net profit margin of -91.4%.