Desjardins Upgrades Encana (ECA) to “Buy”
Encana (NYSE:ECA) (TSE:ECA) was upgraded by Desjardins to a “buy” rating in a research report issued on Friday.
Other equities research analysts have also recently issued research reports about the company. National Bank Financial boosted their price objective on Encana from $14.50 to $18.00 and gave the stock an “outperform” rating in a report on Tuesday. BMO Capital Markets set a $17.00 price objective on Encana and gave the stock a “buy” rating in a report on Thursday. Zacks Investment Research upgraded Encana from a “sell” rating to a “hold” rating in a report on Friday. TD Securities boosted their price objective on Encana from $14.50 to $15.00 and gave the stock a “buy” rating in a report on Thursday, November 9th. Finally, Raymond James Financial boosted their price objective on Encana from $15.00 to $16.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 19th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have given a buy rating and four have issued a strong buy rating to the stock. Encana has a consensus rating of “Buy” and an average target price of $14.91.
Shares of Encana (NYSE:ECA) traded up $0.24 during trading hours on Friday, hitting $14.04. The stock had a trading volume of 18,438,600 shares, compared to its average volume of 11,893,063. Encana has a 12 month low of $8.01 and a 12 month high of $14.31. The company has a market capitalization of $13,670.00, a PE ratio of 17.55 and a beta of 2.15. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.60.
Several hedge funds have recently modified their holdings of ECA. Stevens Capital Management LP bought a new stake in shares of Encana in the second quarter valued at approximately $102,000. Gotham Asset Management LLC bought a new stake in shares of Encana in the second quarter valued at approximately $109,000. Commerce Bank bought a new stake in shares of Encana in the third quarter valued at approximately $118,000. First Allied Advisory Services Inc. boosted its stake in shares of Encana by 13.3% in the second quarter. First Allied Advisory Services Inc. now owns 13,351 shares of the oil and gas company’s stock valued at $119,000 after buying an additional 1,567 shares during the period. Finally, Engineers Gate Manager LP bought a new stake in shares of Encana in the second quarter valued at approximately $128,000. Institutional investors and hedge funds own 68.94% of the company’s stock.
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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