Encana Corp (ECA) Stake Lifted by TLP Group LLC
TLP Group LLC lifted its position in shares of Encana Corp (NYSE:ECA) (TSE:ECA) by 72.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 53,589 shares of the oil and gas company’s stock after purchasing an additional 22,543 shares during the period. Encana accounts for 0.4% of TLP Group LLC’s portfolio, making the stock its 19th largest holding. TLP Group LLC’s holdings in Encana were worth $589,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in shares of Encana by 3.8% during the 4th quarter. BlackRock Inc. now owns 25,830,298 shares of the oil and gas company’s stock worth $344,316,000 after purchasing an additional 952,915 shares during the last quarter. CIBC Asset Management Inc grew its stake in 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 buying an additional 1,691,048 shares during the last quarter. Point72 Asset Management L.P. grew its stake in Encana by 30.7% in the 1st quarter. Point72 Asset Management L.P. now owns 7,855,873 shares of the oil and gas company’s stock valued at $86,398,000 after buying an additional 1,844,290 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in Encana by 12.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 6,785,054 shares of the oil and gas company’s stock valued at $74,635,000 after buying an additional 731,797 shares during the last quarter. Finally, Mackenzie Financial Corp grew its stake in Encana by 481.4% in the 4th quarter. Mackenzie Financial Corp now owns 6,537,589 shares of the oil and gas company’s stock valued at $87,146,000 after buying an additional 5,413,151 shares during the last quarter. Institutional investors own 66.50% of the company’s stock.
Shares of Encana traded up $0.11, reaching $12.91, on Thursday, Marketbeat.com reports. 83,572 shares of the company’s stock were exchanged, compared to its average volume of 9,287,966. Encana Corp has a twelve month low of $8.01 and a twelve month high of $14.31. The firm has a market cap of $12.31 billion, a PE ratio of 30.05, a PEG ratio of 2.07 and a beta of 2.00. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.62.
Encana announced that its Board of Directors has authorized a share buyback program on Thursday, February 15th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the oil and gas company to reacquire shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 15th will be issued a dividend of $0.015 per share. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend is Thursday, June 14th. Encana’s dividend payout ratio (DPR) is presently 13.95%.
A number of brokerages recently commented on ECA. Morgan Stanley decreased their price target on shares of Encana from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, April 16th. Societe Generale upgraded shares of Encana from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research note on Thursday, February 15th. They noted that the move was a valuation call. Evercore ISI upgraded shares of Encana from an “in-line” rating to an “outperform” rating and upped their price target for the company from $10.84 to $16.00 in a research note on Wednesday, March 7th. Goldman Sachs Group decreased their price target on shares of Encana from $17.25 to $14.00 and set a “buy” rating on the stock in a research note on Friday, April 13th. Finally, ValuEngine lowered shares of Encana from a “hold” rating to a “sell” rating in a research note on Monday, April 2nd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $15.46.
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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