World Asset Management Inc lessened its position in shares of Encana Corp (NYSE:ECA) (TSE:ECA) by 40.3% during the 4th quarter, Holdings Channel reports. The firm owned 14,570 shares of the oil and gas company’s stock after selling 9,852 shares during the quarter. World Asset Management Inc’s holdings in Encana were worth $84,000 as of its most recent filing with the SEC.
Other hedge funds also recently modified their holdings of the company. FMR LLC increased its holdings in shares of Encana by 70.2% in the second quarter. FMR LLC now owns 41,979,114 shares of the oil and gas company’s stock valued at $548,226,000 after purchasing an additional 17,318,112 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in shares of Encana in the third quarter valued at $196,000. Manning & Napier Group LLC acquired a new position in shares of Encana in the third quarter valued at $262,000. Hexavest Inc. increased its holdings in shares of Encana by 25.6% in the third quarter. Hexavest Inc. now owns 1,408,003 shares of the oil and gas company’s stock valued at $18,442,000 after purchasing an additional 286,868 shares during the last quarter. Finally, Zweig DiMenna Associates LLC acquired a new position in shares of Encana in the third quarter valued at about $8,738,000. 67.17% of the stock is owned by institutional investors and hedge funds.
ECA has been the topic of several research reports. BMO Capital Markets upgraded shares of Encana from a “market perform” rating to an “outperform” rating in a research note on Monday, January 7th. Royal Bank of Canada downgraded shares of Encana to a “hold” rating in a research note on Thursday, December 20th. Cowen initiated coverage on shares of Encana in a research note on Thursday, November 29th. They issued a “market perform” rating on the stock. Macquarie downgraded shares of Encana from an “outperform” rating to a “neutral” rating in a research note on Wednesday, November 28th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $10.00 price target on shares of Encana in a research note on Wednesday, January 30th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and fifteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $14.22.
In related news, Director Howard John Mayson bought 3,500 shares of the company’s stock in a transaction dated Thursday, November 15th. The stock was purchased at an average price of $7.80 per share, with a total value of $27,300.00. Following the completion of the acquisition, the director now owns 38,604 shares of the company’s stock, valued at $301,111.20. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Douglas James Suttles bought 5,000 shares of the company’s stock in a transaction dated Thursday, December 20th. The stock was bought at an average cost of $5.55 per share, with a total value of $27,750.00. Following the acquisition, the chief executive officer now directly owns 159,212 shares of the company’s stock, valued at approximately $883,626.60. The disclosure for this purchase can be found here. Insiders have acquired 70,000 shares of company stock worth $500,370 over the last quarter. Corporate insiders own 0.09% of the company’s stock.
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Encana Company Profile
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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