Encana (NYSE:ECA) (TSE:ECA) had its price target cut by National Bank Financial from $8.50 to $8.00 in a research report sent to investors on Friday morning, BayStreet.CA reports. They currently have an outperform rating on the oil and gas company’s stock.
A number of other equities analysts have also recently issued reports on ECA. SunTrust Banks initiated coverage on shares of Encana in a research report on Tuesday, July 30th. They set a hold rating and a $4.00 price objective for the company. Raymond James reiterated an outperform rating and set a $10.00 price objective on shares of Encana in a research report on Thursday, August 1st. Macquarie initiated coverage on shares of Encana in a research report on Monday, September 23rd. They set a neutral rating and a $5.50 price objective for the company. BMO Capital Markets lowered their price objective on shares of Encana from $9.00 to $8.00 and set an outperform rating for the company in a research report on Thursday, September 5th. Finally, Morgan Stanley lowered their price objective on shares of Encana from $6.50 to $6.00 and set an equal weight rating for the company in a research report on Friday, July 12th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and fifteen have given a buy rating to the company’s stock. Encana presently has a consensus rating of Hold and a consensus target price of $9.27.
Shares of NYSE:ECA traded down $0.16 during midday trading on Friday, hitting $4.06. The stock had a trading volume of 15,555,133 shares, compared to its average volume of 19,851,688. The company’s 50-day moving average price is $4.58 and its 200-day moving average price is $5.30. The company has a market capitalization of $5.48 billion, a P/E ratio of 4.72, a price-to-earnings-growth ratio of 0.69 and a beta of 1.98. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.70. Encana has a fifty-two week low of $3.92 and a fifty-two week high of $11.51.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a dividend of $0.0188 per share. This represents a $0.08 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend was Thursday, September 12th. Encana’s payout ratio is 9.30%.
In related news, Director Fred J. Fowler bought 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were acquired at an average cost of $4.00 per share, with a total value of $100,000.00. Following the completion of the purchase, the director now directly owns 30,000 shares in the company, valued at $120,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Brian Gordon Shaw bought 16,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The shares were bought at an average cost of $4.45 per share, for a total transaction of $71,200.00. Following the completion of the purchase, the director now owns 30,000 shares of the company’s stock, valued at $133,500. The disclosure for this purchase can be found here. Insiders have acquired a total of 66,000 shares of company stock worth $276,200 over the last three months. Insiders own 0.11% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Pinnacle Associates Ltd. raised its holdings in Encana by 43.6% during the second quarter. Pinnacle Associates Ltd. now owns 23,050 shares of the oil and gas company’s stock worth $118,000 after buying an additional 7,000 shares during the last quarter. CoreCommodity Management LLC raised its holdings in Encana by 4.0% during the second quarter. CoreCommodity Management LLC now owns 211,075 shares of the oil and gas company’s stock worth $1,083,000 after buying an additional 8,064 shares during the last quarter. Cerebellum GP LLC raised its holdings in shares of Encana by 56.4% in the second quarter. Cerebellum GP LLC now owns 72,456 shares of the oil and gas company’s stock valued at $372,000 after purchasing an additional 26,137 shares during the last quarter. DekaBank Deutsche Girozentrale raised its holdings in shares of Encana by 2,812.5% in the second quarter. DekaBank Deutsche Girozentrale now owns 868,903 shares of the oil and gas company’s stock valued at $4,352,000 after purchasing an additional 839,069 shares during the last quarter. Finally, Riverhead Capital Management LLC raised its holdings in shares of Encana by 30.4% in the second quarter. Riverhead Capital Management LLC now owns 12,438 shares of the oil and gas company’s stock valued at $62,000 after purchasing an additional 2,900 shares during the last quarter. 70.39% of the stock is currently owned by institutional investors and hedge funds.
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. 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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