Short Interest in Encana Corp. (ECA) Rises By 22.2%
Encana Corp. (NYSE:ECA) (TSE:ECA) was the recipient of a significant growth in short interest during the month of November. As of November 15th, there was short interest totalling 21,781,191 shares, a growth of 22.2% from the October 31st total of 17,828,808 shares. Based on an average daily trading volume, of 15,794,541 shares, the days-to-cover ratio is presently 1.4 days. Currently, 2.3% of the company’s stock are short sold.
Several research firms recently commented on ECA. Vetr lowered Encana Corp. from a “strong-buy” rating to a “buy” rating and set a $12.02 target price on the stock. in a report on Tuesday, November 15th. Jefferies Group reaffirmed a “buy” rating and set a $14.00 price objective on shares of Encana Corp. in a report on Wednesday, October 19th. Zacks Investment Research lowered Encana Corp. from a “buy” rating to a “hold” rating in a report on Monday, November 7th. Citigroup Inc. raised Encana Corp. from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $10.00 to $13.00 in a report on Friday, September 30th. Finally, RBC Capital Markets reaffirmed a “sector perform” rating and set a $10.00 price objective (up previously from $9.00) on shares of Encana Corp. in a report on Monday, September 12th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $12.77.
Encana Corp. (NYSE:ECA) opened at 12.60 on Thursday. The stock’s market capitalization is $12.26 billion. Encana Corp. has a 52 week low of $3.00 and a 52 week high of $12.79. The stock’s 50 day moving average is $10.85 and its 200-day moving average is $9.27.
Encana Corp. (NYSE:ECA) last announced its quarterly earnings data on Thursday, November 3rd. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.08. Encana Corp. had a negative net margin of 40.77% and a positive return on equity of 1.79%. During the same quarter in the prior year, the firm posted ($0.03) earnings per share. Equities research analysts forecast that Encana Corp. will post $0.02 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Thursday, December 15th will be given a dividend of $0.015 per share. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date is Tuesday, December 13th. Encana Corp.’s dividend payout ratio is presently -3.97%.
Large investors have recently made changes to their positions in the stock. Renaissance Technologies LLC purchased a new position in Encana Corp. during the first quarter valued at approximately $14,564,000. BNP Paribas Arbitrage SA boosted its position in Encana Corp. by 1,161.1% in the second quarter. BNP Paribas Arbitrage SA now owns 145,988 shares of the company’s stock valued at $1,137,000 after buying an additional 134,412 shares during the period. Nexus Investment Management Inc. boosted its position in Encana Corp. by 0.5% in the second quarter. Nexus Investment Management Inc. now owns 595,520 shares of the company’s stock valued at $4,601,000 after buying an additional 3,050 shares during the period. British Columbia Investment Management Corp boosted its position in Encana Corp. by 16.1% in the second quarter. British Columbia Investment Management Corp now owns 128,400 shares of the company’s stock valued at $770,000 after buying an additional 17,800 shares during the period. Finally, NN Investment Partners Holdings N.V. boosted its position in Encana Corp. by 9.1% in the second quarter. NN Investment Partners Holdings N.V. now owns 33,567 shares of the company’s stock valued at $262,000 after buying an additional 2,800 shares during the period. 64.44% of the stock is owned by institutional investors and hedge funds.
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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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