Picton Mahoney Asset Management decreased its position in Encana Corp (NYSE:ECA) (TSE:ECA) by 25.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 101,800 shares of the oil and gas company’s stock after selling 35,200 shares during the period. Picton Mahoney Asset Management’s holdings in Encana were worth $522,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Cribstone Capital Management LLC raised its holdings in shares of Encana by 85.9% during the second quarter. Cribstone Capital Management LLC now owns 4,913 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 2,270 shares during the period. DORCHESTER WEALTH MANAGEMENT Co raised its holdings in shares of Encana by 13.0% during the second quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 20,166 shares of the oil and gas company’s stock valued at $104,000 after purchasing an additional 2,324 shares during the period. Regentatlantic Capital LLC raised its holdings in shares of Encana by 12.6% during the second quarter. Regentatlantic Capital LLC now owns 20,757 shares of the oil and gas company’s stock valued at $106,000 after purchasing an additional 2,328 shares during the period. Wedbush Securities Inc. raised its holdings in shares of Encana by 11.6% during the first quarter. Wedbush Securities Inc. now owns 27,258 shares of the oil and gas company’s stock valued at $197,000 after purchasing an additional 2,829 shares during the period. Finally, Commonwealth Bank of Australia raised its holdings in shares of Encana by 2.1% during the first quarter. Commonwealth Bank of Australia now owns 143,864 shares of the oil and gas company’s stock valued at $1,039,000 after purchasing an additional 3,000 shares during the period. Institutional investors and hedge funds own 71.42% of the company’s stock.
In other news, CFO Corey Douglas Code acquired 10,000 shares of Encana stock in a transaction on Friday, August 23rd. The stock was acquired at an average cost of $4.06 per share, with a total value of $40,600.00. Following the transaction, the chief financial officer now owns 52,463 shares of the company’s stock, valued at approximately $212,999.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Douglas James Suttles acquired 5,000 shares of Encana stock in a transaction on Monday, June 3rd. The stock was purchased at an average cost of $5.33 per share, with a total value of $26,650.00. Following the completion of the transaction, the chief executive officer now directly owns 174,212 shares in the company, valued at approximately $928,549.96. The disclosure for this purchase can be found here. Insiders acquired a total of 135,000 shares of company stock valued at $629,000 over the last ninety days. 0.11% of the stock is currently owned by insiders.
Encana (NYSE:ECA) (TSE:ECA) last issued its quarterly earnings data on Wednesday, July 31st. The oil and gas company reported $0.21 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.03. Encana had a net margin of 16.73% and a return on equity of 10.76%. The business had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $1.75 billion. As a group, research analysts predict that Encana Corp will post 0.62 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a $0.0188 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date of this dividend is Thursday, September 12th. Encana’s payout ratio is 9.30%.
Several equities analysts have recently weighed in on ECA shares. Raymond James reiterated an “outperform” rating and set a $10.00 price objective on shares of Encana in a report on Thursday, August 1st. TD Securities lowered their target price on shares of Encana from $11.00 to $10.50 and set a “buy” rating on the stock in a report on Wednesday, May 1st. Sanford C. Bernstein lowered shares of Encana from an “outperform” rating to a “market perform” rating in a report on Tuesday, April 30th. Morgan Stanley lowered their target price on shares of Encana from $6.50 to $6.00 and set an “equal weight” rating on the stock in a report on Friday, July 12th. Finally, National Bank Financial upped their target price on shares of Encana from $8.50 to $9.50 and gave the stock an “outperform” rating in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, ten have given a hold rating and seventeen have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $10.33.
Encana Corporation, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It holds interests in various assets, including the Montney in northeast 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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