PCJ Investment Counsel Ltd. Sells 339,260 Shares of Encana Corp (ECA)

PCJ Investment Counsel Ltd. reduced its holdings in Encana Corp (NYSE:ECA) (TSE:ECA) by 11.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,503,288 shares of the oil and gas company’s stock after selling 339,260 shares during the period. Encana comprises 2.7% of PCJ Investment Counsel Ltd.’s holdings, making the stock its 15th biggest position. PCJ Investment Counsel Ltd. owned about 0.26% of Encana worth $32,788,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the company. Riverhead Capital Management LLC boosted its holdings in Encana by 421.1% during the third quarter. Riverhead Capital Management LLC now owns 8,338 shares of the oil and gas company’s stock worth $108,000 after buying an additional 6,738 shares in the last quarter. Fox Run Management L.L.C. purchased a new position in Encana during the third quarter valued at $196,000. Edgestream Partners L.P. purchased a new position in Encana during the second quarter valued at $209,000. Freestone Capital Holdings LLC purchased a new position in Encana during the third quarter valued at $223,000. Finally, HRT Financial LLC purchased a new position in Encana during the second quarter valued at $228,000. 68.12% of the stock is currently owned by institutional investors and hedge funds.

In other news, insider Douglas James Suttles acquired 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 20th. The stock was purchased at an average cost of $7.04 per share, for a total transaction of $35,200.00. Following the completion of the transaction, the insider now owns 149,212 shares in the company, valued at $1,050,452.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Howard John Mayson acquired 10,000 shares of the business’s stock in a transaction that occurred on Monday, November 5th. The shares were purchased at an average price of $8.74 per share, with a total value of $87,400.00. Following the completion of the transaction, the director now owns 35,104 shares of the company’s stock, valued at approximately $306,808.96. The disclosure for this purchase can be found here. Insiders bought 238,655 shares of company stock valued at $2,057,114 over the last quarter. Company insiders own 0.08% of the company’s stock.

Several equities analysts have issued reports on the stock. MKM Partners assumed coverage on shares of Encana in a report on Wednesday. They set a “buy” rating and a $12.00 price objective on the stock. Cowen assumed coverage on shares of Encana in a report on Thursday, November 29th. They set a “market perform” rating on the stock. Macquarie downgraded shares of Encana from an “outperform” rating to a “neutral” rating in a report on Wednesday, November 28th. Morgan Stanley decreased their price objective on shares of Encana from $15.00 to $11.00 and set a “hold” rating on the stock in a report on Tuesday, November 20th. Finally, GMP Securities reaffirmed a “buy” rating on shares of Encana in a report on Thursday, November 15th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have given a buy rating to the company. Encana has an average rating of “Hold” and an average price target of $14.81.

Shares of NYSE ECA traded down $0.29 during mid-day trading on Thursday, reaching $6.46. The company’s stock had a trading volume of 705,999 shares, compared to its average volume of 29,439,596. The stock has a market capitalization of $6.43 billion, a price-to-earnings ratio of 15.21, a price-to-earnings-growth ratio of 0.39 and a beta of 2.06. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.57. Encana Corp has a 1-year low of $6.64 and a 1-year high of $14.31.

Encana (NYSE:ECA) (TSE:ECA) last issued its earnings results on Thursday, November 1st. The oil and gas company reported $0.17 EPS for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.04. The business had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Encana had a negative net margin of 3.98% and a positive return on equity of 9.53%. As a group, equities research analysts expect that Encana Corp will post 0.65 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 14th will be given a $0.015 dividend. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date of this dividend is Thursday, December 13th. Encana’s dividend payout ratio (DPR) is 13.95%.

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About Encana

Encana Corporation, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. The company holds interests in various assets, including the Montney in northern British Columbia and northwest Alberta; Duvernay in west central Alberta; and other upstream operations comprising Wheatland in southern Alberta, Horn River in northeast British Columbia, and Deep Panuke located in offshore Nova Scotia in Canada.

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Institutional Ownership by Quarter for Encana (NYSE:ECA)

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