Encana Corporation (ECA) Sees Significant Growth in Short Interest
Encana Corporation (NYSE:ECA) (TSE:ECA) saw a large increase in short interest in the month of August. As of August 15th, there was short interest totalling 23,232,755 shares, an increase of 40.4% from the July 31st total of 16,547,098 shares. Approximately 2.4% of the shares of the company are short sold. Based on an average daily trading volume, of 12,120,064 shares, the short-interest ratio is currently 1.9 days.
Several research analysts recently commented on ECA shares. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $14.00 price objective on shares of Encana Corporation in a report on Monday, May 29th. Scotiabank raised shares of Encana Corporation from an “underperform” rating to a “sector perform” rating and set a $11.00 price objective for the company in a report on Friday, June 30th. TD Securities cut their price objective on shares of Encana Corporation from $12.50 to $11.50 and set a “hold” rating for the company in a report on Tuesday, June 13th. BidaskClub upgraded shares of Encana Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Finally, Raymond James Financial, Inc. assumed coverage on shares of Encana Corporation in a research note on Wednesday, May 31st. They issued an “outperform” rating and a $15.00 target price on the stock. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, sixteen have given a buy rating and four have given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $13.32.
Encana Corporation (NYSE:ECA) opened at 9.03 on Tuesday. The company’s 50 day moving average is $9.52 and its 200 day moving average is $10.39. The company has a market cap of $8.79 billion, a price-to-earnings ratio of 10.76 and a beta of 2.04. 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 announced its earnings results on Friday, July 21st. The oil and gas company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.15. Encana Corporation had a net margin of 19.09% and a return on equity of 6.25%. The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $773.19 million. During the same quarter in the previous year, the company posted $0.10 EPS. Analysts forecast that Encana Corporation will post $0.49 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a dividend of $0.015 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.06 annualized dividend and a dividend yield of 0.66%. Encana Corporation’s dividend payout ratio is presently 6.98%.
Several hedge funds and other institutional investors have recently bought and sold shares of ECA. Cambridge Investment Research Advisors Inc. raised its position in Encana Corporation by 0.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 19,898 shares of the oil and gas company’s stock valued at $233,000 after buying an additional 124 shares in the last quarter. Wetherby Asset Management Inc. raised its position in Encana Corporation by 0.6% in the first quarter. Wetherby Asset Management Inc. now owns 23,644 shares of the oil and gas company’s stock valued at $277,000 after buying an additional 133 shares in the last quarter. Sentinel Trust Co. LBA raised its position in Encana Corporation by 0.3% in the second quarter. Sentinel Trust Co. LBA now owns 186,720 shares of the oil and gas company’s stock valued at $1,644,000 after buying an additional 490 shares in the last quarter. Equity Investment Corp Acquisition Inc raised its position in Encana Corporation by 5.4% in the second quarter. Equity Investment Corp Acquisition Inc now owns 12,996 shares of the oil and gas company’s stock valued at $114,000 after buying an additional 666 shares in the last quarter. Finally, Van ECK Associates Corp raised its position in Encana Corporation by 0.4% in the first quarter. Van ECK Associates Corp now owns 154,065 shares of the oil and gas company’s stock valued at $1,804,000 after buying an additional 675 shares in the last quarter. Institutional investors and hedge funds own 66.76% of the company’s stock.
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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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