AltaCorp Capital Upgrades Encana Corporation (NYSE:ECA) to “Outperform”
Encana Corporation (NYSE:ECA) (TSE:ECA) was upgraded by AltaCorp Capital from a “sector perform” rating to an “outperform” rating in a research report issued to clients and investors on Monday, July 24th.
Several other brokerages have also issued reports on ECA. Canaccord Genuity reissued a “buy” rating and set a $14.00 price objective on shares of Encana Corporation in a report on Tuesday, April 11th. Desjardins reissued a “hold” rating and set a $13.75 price objective on shares of Encana Corporation in a report on Thursday, March 30th. GMP Securities reissued a “hold” rating and set a $13.25 price objective on shares of Encana Corporation in a report on Friday, March 31st. Jefferies Group LLC set a $14.00 target price on shares of Encana Corporation and gave the company a “buy” rating in a research note on Wednesday, May 17th. Finally, Barclays PLC restated an “overweight” rating and issued a $12.00 target price (down from $15.00) on shares of Encana Corporation in a research note on Saturday, April 22nd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, sixteen have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. Encana Corporation presently has an average rating of “Buy” and an average price target of $13.32.
Shares of Encana Corporation (NYSE ECA) traded up 1.21% on Monday, reaching $9.17. The company’s stock had a trading volume of 10,295,786 shares. The company has a market cap of $8.92 billion, a P/E ratio of 10.93 and a beta of 2.04. The company’s 50 day moving average price is $9.48 and its 200 day moving average price is $10.51. Encana Corporation has a 12-month low of $8.01 and a 12-month high of $13.85.
Encana Corporation (NYSE:ECA) (TSE:ECA) last issued its quarterly earnings data on Friday, July 21st. The oil and gas company reported $0.18 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.15. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $773.19 million. Encana Corporation had a net margin of 19.09% and a return on equity of 6.25%. During the same period last year, the company posted $0.10 earnings per share. Analysts forecast that Encana Corporation will post $0.50 EPS for the current fiscal year.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ECA. Dynamic Technology Lab Private Ltd purchased a new position in Encana Corporation during the second quarter worth $280,000. Raymond James Financial Services Advisors Inc. boosted its position in Encana Corporation by 7.4% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 107,286 shares of the oil and gas company’s stock worth $944,000 after buying an additional 7,358 shares during the last quarter. Steadfast Capital Management LP boosted its position in Encana Corporation by 5.0% in the second quarter. Steadfast Capital Management LP now owns 20,963,596 shares of the oil and gas company’s stock worth $184,480,000 after buying an additional 989,023 shares during the last quarter. First Commonwealth Financial Corp PA purchased a new position in Encana Corporation during the second quarter worth $149,000. Finally, Gotham Asset Management LLC purchased a new position in Encana Corporation during the second quarter worth $109,000. 73.08% of the stock is owned by institutional investors.
Encana Corporation Company Profile
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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