Encana Corp (ECA) Shares Bought by Montgomery Investment Management Inc.
Montgomery Investment Management Inc. grew its position in shares of Encana Corp (NYSE:ECA) (TSE:ECA) by 18.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 111,922 shares of the oil and gas company’s stock after purchasing an additional 17,300 shares during the period. Montgomery Investment Management Inc.’s holdings in Encana were worth $1,460,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Encana by 37.5% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 14,307,169 shares of the oil and gas company’s stock valued at $186,745,000 after acquiring an additional 3,900,950 shares during the last quarter. CIBC Asset Management Inc lifted its holdings in shares of Encana by 14.2% in the 1st quarter. CIBC Asset Management Inc now owns 13,607,541 shares of the oil and gas company’s stock valued at $149,436,000 after acquiring an additional 1,691,048 shares during the last quarter. CIBC World Markets Inc. lifted its holdings in shares of Encana by 3.0% in the 1st quarter. CIBC World Markets Inc. now owns 11,341,531 shares of the oil and gas company’s stock valued at $124,757,000 after acquiring an additional 326,637 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Encana by 140.6% in the 1st quarter. Millennium Management LLC now owns 10,003,511 shares of the oil and gas company’s stock valued at $110,039,000 after acquiring an additional 5,846,286 shares during the last quarter. Finally, TD Asset Management Inc. lifted its holdings in shares of Encana by 19.3% in the 2nd quarter. TD Asset Management Inc. now owns 8,407,328 shares of the oil and gas company’s stock valued at $109,737,000 after acquiring an additional 1,362,500 shares during the last quarter. Hedge funds and other institutional investors own 68.03% of the company’s stock.
Shares of NYSE ECA opened at $12.57 on Friday. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $12.93 billion, a price-to-earnings ratio of 29.23, a PEG ratio of 1.92 and a beta of 2.00. Encana Corp has a 1 year low of $8.79 and a 1 year high of $14.31.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 14th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.77%. The ex-dividend date is Thursday, September 13th. This is an increase from Encana’s previous quarterly dividend of $0.02. Encana’s payout ratio is currently 13.95%.
A number of research analysts recently commented on the stock. Desjardins reaffirmed a “buy” rating and issued a $17.00 price target on shares of Encana in a report on Friday, July 27th. ValuEngine downgraded shares of Encana from a “buy” rating to a “hold” rating in a report on Tuesday, July 3rd. Zacks Investment Research downgraded shares of Encana from a “buy” rating to a “hold” rating in a report on Monday, August 6th. TD Securities decreased their price objective on shares of Encana from $16.50 to $16.00 and set a “buy” rating for the company in a research note on Wednesday, May 2nd. Finally, Morgan Stanley raised their price objective on shares of Encana from $16.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, May 23rd. Two research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $15.98.
Encana Corporation, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. The company holds interests in various assets, including the Montney in northern British Columbia and northwest Alberta; Duvernay in west central Alberta; and other upstream operations comprising Wheatland in southern Alberta, Horn River in northeast British Columbia, and Deep Panuke located in offshore Nova Scotia in Canada.
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