Citigroup Inc. Upgrades Encana Corp. (ECA) to Buy
Encana Corp. (NYSE:ECA) was upgraded by equities researchers at Citigroup Inc. from a “neutral” rating to a “buy” rating in a research report issued on Friday.
ECA has been the topic of a number of other reports. KLR Group started coverage on shares of Encana Corp. in a report on Monday, August 29th. They issued a “hold” rating and a $10.00 price target on the stock. Nomura reissued a “buy” rating and issued a $17.00 price target on shares of Encana Corp. in a report on Monday. Royal Bank Of Canada cut their price target on shares of Encana Corp. from $10.00 to $9.00 and set a “sector perform” rating on the stock in a report on Monday, September 12th. Zacks Investment Research raised shares of Encana Corp. from a “hold” rating to a “strong-buy” rating and set a $11.00 price target on the stock in a report on Tuesday, September 20th. Finally, Deutsche Bank AG boosted their price target on shares of Encana Corp. from $10.00 to $11.00 and gave the stock a “buy” rating in a report on Tuesday, June 14th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $9.84.
Encana Corp. (NYSE:ECA) opened at 10.10 on Friday. The firm has a 50-day moving average of $9.72 and a 200 day moving average of $7.92. Encana Corp. has a 12-month low of $3.00 and a 12-month high of $10.75. The company’s market capitalization is $8.58 billion.
Encana Corp. (NYSE:ECA) last posted its earnings results on Thursday, July 21st. The company reported $0.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.09) by $0.19. Encana Corp. had a negative net margin of 81.73% and a positive return on equity of 0.79%. During the same period last year, the business posted ($0.20) earnings per share. Analysts expect that Encana Corp. will post ($0.09) EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be given a dividend of $0.015 per share. This represents a $0.06 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date of this dividend is Tuesday, September 13th. Encana Corp.’s payout ratio is currently -1.79%.
A number of hedge funds and other institutional investors have recently modified their holdings of ECA. Carnick & Kubik Group LLC acquired a new position in shares of Encana Corp. during the second quarter worth approximately $154,000. Stifel Financial Corp boosted its position in shares of Encana Corp. by 181.2% in the second quarter. Stifel Financial Corp now owns 390,942 shares of the company’s stock worth $3,045,000 after buying an additional 251,891 shares during the last quarter. Legal & General Group Plc boosted its position in shares of Encana Corp. by 2.1% in the second quarter. Legal & General Group Plc now owns 4,886,413 shares of the company’s stock worth $37,841,000 after buying an additional 100,674 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Encana Corp. during the second quarter worth approximately $54,865,000. Finally, AQR Capital Management LLC boosted its position in shares of Encana Corp. by 918.6% in the second quarter. AQR Capital Management LLC now owns 221,183 shares of the company’s stock worth $1,712,000 after buying an additional 199,469 shares during the last quarter. Institutional investors and hedge funds own 64.68% of the company’s stock.
Encana Corp. Company Profile
Encana Corp is a Canada-based energy producer, which is engaged in the business of exploration, development, production and marketing of natural gas, oil and natural gas liquids (NGLs). 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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