Encana Corporation (ECA) Earns Buy Rating from GMP Securities
Encana Corporation (NYSE:ECA) (TSE:ECA)‘s stock had its “buy” rating reissued by analysts at GMP Securities in a research note issued on Friday. They currently have a $16.00 price objective on the oil and gas company’s stock. GMP Securities’ target price indicates a potential upside of 35.82% from the stock’s current price.
A number of other research analysts have also commented on the stock. Scotiabank upgraded shares of Encana Corporation from an “underperform” rating to a “sector perform” rating and set a $11.00 price target on the stock in a research note on Friday, June 30th. TD Securities decreased their price target on shares of Encana Corporation from $12.50 to $11.50 and set a “hold” rating on the stock in a research note 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. Barclays PLC reiterated an “overweight” rating and issued a $8.00 price target on shares of Encana Corporation in a research note on Saturday, July 22nd. Finally, Royal Bank Of Canada upped their price target on shares of Encana Corporation from $13.00 to $15.00 and gave the company an “outperform” rating in a research note on Monday, September 25th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, seventeen 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 target price of $13.46.
Encana Corporation (ECA) traded up 0.17% during midday trading on Friday, reaching $11.78. The company had a trading volume of 13,689,595 shares. The firm has a market capitalization of $11.46 billion, a P/E ratio of 14.04 and a beta of 2.06. Encana Corporation has a one year low of $8.01 and a one year high of $13.85. The stock’s 50 day moving average price is $9.56 and its 200-day moving average price is $10.10.
Encana Corporation (NYSE:ECA) (TSE:ECA) last issued its earnings results on Friday, July 21st. The oil and gas company reported $0.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.15. The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $773.19 million. Encana Corporation had a net margin of 19.09% and a return on equity of 6.25%. During the same period in the prior year, the firm earned $0.10 EPS. On average, equities research analysts anticipate that Encana Corporation will post $0.51 earnings per share for the current year.
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Hedge funds have recently made changes to their positions in the company. Steadfast Capital Management LP raised its stake in shares of Encana Corporation by 12.2% during the 1st quarter. Steadfast Capital Management LP now owns 19,974,573 shares of the oil and gas company’s stock worth $233,902,000 after buying an additional 2,164,300 shares during the period. BlueCrest Capital Management Ltd raised its stake in Encana Corporation by 600.0% in the 1st quarter. BlueCrest Capital Management Ltd now owns 1,100,373 shares of the oil and gas company’s stock valued at $12,885,000 after purchasing an additional 943,183 shares during the last quarter. Vanguard Group Inc. raised its stake in Encana Corporation by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 22,637,700 shares of the oil and gas company’s stock valued at $265,086,000 after purchasing an additional 994,074 shares during the last quarter. Capital Fund Management S.A. raised its stake in Encana Corporation by 103.1% in the 2nd quarter. Capital Fund Management S.A. now owns 563,668 shares of the oil and gas company’s stock valued at $4,960,000 after purchasing an additional 286,089 shares during the last quarter. Finally, Parkwood LLC raised its stake in Encana Corporation by 15.4% in the 2nd quarter. Parkwood LLC now owns 376,727 shares of the oil and gas company’s stock valued at $3,315,000 after purchasing an additional 50,376 shares during the last quarter. 66.75% of the stock is owned by institutional investors and hedge funds.
About Encana Corporation
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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