Encana Corporation (NYSE:ECA) (TSE:ECA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, October 17th. The brokerage currently has a $13.00 target price on the oil and gas company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 0.93% from the stock’s previous close.
According to Zacks, “The Canadian energy behemoth – which smashed profit estimates in the Jun quarter on the back of solid production and margins – holds one of the largest natural gas resource portfolios in North America. Additionally, the company's cost cut initiatives and divestiture of high-cost low-profit gas assets will increase its financial flexibility and fund the transition to a more diversified oil and gas firm. Finally, last year's equity offering has helped it lower debt levels, apart from supporting more number of rigs in the Permian basin, where Encana is a top tier operator. Therefore, notwithstanding the stock's impressive run in the past 6 months, we believe that ECA offers more upside for investors going ahead. “
Several other equities analysts have also commented on the stock. Raymond James Financial, Inc. raised shares of Encana Corporation from an “outperform” rating to a “strong-buy” rating in a research report on Wednesday, July 5th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $12.00 price objective (down from $13.00) on shares of Encana Corporation in a research report on Tuesday, August 29th. Macquarie raised shares of Encana Corporation from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $10.00 to $14.50 in a research report on Thursday, September 28th. Barclays PLC reaffirmed an “overweight” rating and issued a $8.00 price objective on shares of Encana Corporation in a research report on Saturday, July 22nd. Finally, Citigroup Inc. decreased their price objective on shares of Encana Corporation from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Friday, July 21st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, fifteen have given a buy rating and four have assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $14.16.
Encana Corporation (NYSE ECA) traded up $0.58 on Tuesday, hitting $12.91. 12,379,872 shares of the company were exchanged, compared to its average volume of 14,123,939. The company has a market cap of $11,997.09, a PE ratio of 29.36, a P/E/G ratio of 3.20 and a beta of 2.17. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.34 and a current ratio of 1.34. Encana Corporation has a 1-year low of $8.01 and a 1-year high of $13.85.
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A number of institutional investors have recently added to or reduced their stakes in the stock. Cambridge Investment Research Advisors Inc. grew its stake in Encana Corporation by 0.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 19,898 shares of the oil and gas company’s stock valued at $233,000 after acquiring an additional 124 shares during the period. Sentinel Trust Co. LBA grew its stake in Encana Corporation by 0.3% in the 2nd quarter. Sentinel Trust Co. LBA now owns 186,720 shares of the oil and gas company’s stock valued at $1,644,000 after acquiring an additional 490 shares during the period. Wetherby Asset Management Inc. grew its stake in Encana Corporation by 2.1% in the 2nd quarter. Wetherby Asset Management Inc. now owns 24,141 shares of the oil and gas company’s stock valued at $212,000 after acquiring an additional 497 shares during the period. Equity Investment Corp Acquisition Inc grew its stake in Encana Corporation by 5.4% in the 2nd quarter. Equity Investment Corp Acquisition Inc now owns 12,996 shares of the oil and gas company’s stock valued at $114,000 after acquiring an additional 666 shares during the period. Finally, D.A. Davidson & CO. grew its stake in Encana Corporation by 2.1% in the 2nd quarter. D.A. Davidson & CO. now owns 45,097 shares of the oil and gas company’s stock valued at $396,000 after acquiring an additional 939 shares during the period. 67.00% of the stock is currently owned by hedge funds and other institutional investors.
About Encana Corporation
Encana Corporation is an energy producer that is focused on developing its multi-basin portfolio of natural gas, oil and natural gas liquids (NGLs) producing plays. The Company’s operations also include the marketing of natural gas, oil and NGLs. All of its reserves and production are located in North America.
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