Bridgewater Associates LP Invests $1.81 Million in Encana Corporation (ECA) Stock
Bridgewater Associates LP purchased a new position in Encana Corporation (NYSE:ECA) (TSE:ECA) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 206,215 shares of the oil and gas company’s stock, valued at approximately $1,812,000.
Other institutional investors have also bought and sold shares of the company. Canada Pension Plan Investment Board boosted its stake in Encana Corporation by 470.1% in the 1st quarter. Canada Pension Plan Investment Board now owns 169,200 shares of the oil and gas company’s stock worth $1,977,000 after purchasing an additional 139,521 shares during the period. US Bancorp DE boosted its stake in Encana Corporation by 43.8% in the 1st quarter. US Bancorp DE now owns 68,341 shares of the oil and gas company’s stock worth $801,000 after purchasing an additional 20,812 shares during the period. Bank of New York Mellon Corp boosted its stake in Encana Corporation by 4.8% in the 1st quarter. Bank of New York Mellon Corp now owns 1,283,837 shares of the oil and gas company’s stock worth $15,034,000 after purchasing an additional 58,456 shares during the period. World Asset Management Inc boosted its stake in Encana Corporation by 4.0% in the 1st quarter. World Asset Management Inc now owns 58,661 shares of the oil and gas company’s stock worth $687,000 after purchasing an additional 2,250 shares during the period. Finally, Karp Capital Management Corp acquired a new position in Encana Corporation in the 1st quarter worth approximately $3,373,000. Hedge funds and other institutional investors own 66.76% of the company’s stock.
A number of research firms recently commented on ECA. TD Securities raised shares of Encana Corporation from a “hold” rating to a “buy” rating and set a $11.50 price objective for the company in a research note on Friday, June 30th. UBS AG raised shares of Encana Corporation from an “outperform” rating to a “strong-buy” rating in a research note on Wednesday, July 5th. Raymond James Financial, Inc. raised their price objective on shares of Encana Corporation from $14.00 to $15.00 and gave the stock a “strong-buy” rating in a research note on Monday, July 24th. Sanford C. Bernstein raised shares of Encana Corporation from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $10.00 to $14.00 in a research note on Friday. Finally, GMP Securities reaffirmed a “buy” rating on shares of Encana Corporation in a research note on Wednesday, June 14th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and four have given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $13.26.
Encana Corporation (ECA) opened at 10.44 on Friday. The stock’s 50 day moving average is $9.53 and its 200-day moving average is $10.13. The company has a market cap of $10.16 billion, a P/E ratio of 12.44 and a beta of 2.06. 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 EPS for the quarter, topping the Thomson Reuters’ 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 business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $773.19 million. During the same quarter in the prior year, the company posted $0.10 earnings per share. Analysts predict that Encana Corporation will post $0.51 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a dividend of $0.015 per share. This represents a $0.06 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend is Thursday, September 14th. Encana Corporation’s payout ratio is 6.98%.
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Encana Corporation 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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