Encana Corp. (ECA) Upgraded by CIBC to “Sector Perform”
CIBC upgraded shares of Encana Corp. (NYSE:ECA) to a sector perform rating in a report issued on Friday morning. The brokerage currently has $12.00 price target on the stock, up from their previous price target of $8.00.
Other equities analysts have also recently issued reports about the company. RBC Capital Markets restated a sector perform rating and set a $10.00 target price (up from $9.00) on shares of Encana Corp. in a research report on Monday, September 12th. Royal Bank Of Canada reduced their target price on Encana Corp. from $10.00 to $9.00 and set a sector perform rating for the company in a research report on Monday, September 12th. Nomura boosted their target price on Encana Corp. from $12.00 to $15.00 and gave the stock a buy rating in a research report on Monday, September 12th. Citigroup Inc. upgraded Encana Corp. from a neutral rating to a buy rating and boosted their target price for the stock from $10.00 to $13.00 in a research report on Friday. Finally, KLR Group assumed coverage on Encana Corp. in a research report on Monday, August 29th. They set a hold rating and a $10.00 target price for the company. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $10.62.
Shares of Encana Corp. (NYSE:ECA) opened at 10.47 on Friday. The stock has a 50 day moving average price of $9.76 and a 200 day moving average price of $7.96. The firm’s market cap is $8.90 billion. Encana Corp. has a 52 week low of $3.00 and a 52 week high of $10.75.
Encana Corp. (NYSE:ECA) last announced its quarterly earnings results on Thursday, July 21st. The company reported $0.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.09) by $0.19. Encana Corp. had a positive return on equity of 0.79% and a negative net margin of 81.73%. During the same period in the previous year, the firm earned ($0.20) earnings per share. Equities analysts expect that Encana Corp. will post ($0.04) earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 15th were issued a dividend of $0.015 per share. The ex-dividend date was Tuesday, September 13th. This represents a $0.06 annualized dividend and a dividend yield of 0.57%. Encana Corp.’s payout ratio is -1.79%.
Several institutional investors have recently added to or reduced their stakes in ECA. Vanguard Group Inc. boosted its position in Encana Corp. by 9.8% in the second quarter. Vanguard Group Inc. now owns 17,708,640 shares of the company’s stock valued at $137,950,000 after buying an additional 1,585,668 shares during the last quarter. BlackRock Group LTD boosted its position in Encana Corp. by 7,634.4% in the first quarter. BlackRock Group LTD now owns 13,148,536 shares of the company’s stock valued at $80,074,000 after buying an additional 12,978,536 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in Encana Corp. during the second quarter valued at $54,865,000. Norges Bank purchased a new position in Encana Corp. during the fourth quarter valued at $33,438,000. Finally, Key Group Holdings Cayman LTD. purchased a new position in Encana Corp. during the second quarter valued at $39,161,000. 64.68% of the stock is currently owned by hedge funds and other institutional investors.
About Encana Corp.
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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