This chorale survives without text. The text that appears here is the one provided by editors of the Bach Gesellschaft Ausgabe (BGA).
Speculation regarding liturgical occasion: This setting (or possibly BWV 311) may have served as the closing to the lost cantata Erwache, du verschlafnes Herze for the 5th Sunday after Epiphany from the Picander–Jahrgang, according to Häfner. The text that would have been used is the 3rd verse of Luther’s Es danke Gott und lobe dich. (See NBA III/2.1 KB, p.79 or III/2.2, p.320)