Encana (ECA) Reaches New 52-Week Low at $6.34
Encana Corp (NYSE:ECA) (TSE:ECA)’s share price hit a new 52-week low on Thursday . The stock traded as low as $6.34 and last traded at $6.40, with a volume of 1943323 shares. The stock had previously closed at $6.75.
Several equities analysts have recently weighed in on ECA shares. BMO Capital Markets reaffirmed a “buy” rating and set a $18.00 price target on shares of Encana in a research note on Thursday, October 11th. Macquarie cut shares of Encana from an “outperform” rating to a “neutral” rating in a research note on Wednesday, November 28th. Zacks Investment Research raised shares of Encana from a “hold” rating to a “buy” rating and set a $11.00 price target for the company in a research note on Monday, October 29th. Morgan Stanley decreased their target price on shares of Encana from $15.00 to $11.00 and set a “hold” rating for the company in a research note on Tuesday, November 20th. Finally, Raymond James cut shares of Encana from a “strong-buy” rating to an “outperform” rating and decreased their target price for the company from $18.00 to $17.00 in a research note on Friday, November 2nd. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $14.81.
The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market cap of $6.16 billion, a price-to-earnings ratio of 14.95, a price-to-earnings-growth ratio of 0.38 and a beta of 2.06.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Friday, December 14th will be given a dividend of $0.015 per share. The ex-dividend date is Thursday, December 13th. This represents a $0.06 dividend on an annualized basis and a yield of 0.93%. Encana’s dividend payout ratio (DPR) is 13.95%.
In related news, insider Douglas James Suttles acquired 5,000 shares of Encana stock in a transaction on Tuesday, November 20th. The stock was purchased at an average cost of $7.04 per share, with a total value of $35,200.00. Following the completion of the transaction, the insider now directly owns 149,212 shares in the company, valued at approximately $1,050,452.48. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Sherri Anne Brillon acquired 17,250 shares of Encana stock in a transaction on Thursday, November 8th. The shares were bought at an average cost of $8.85 per share, with a total value of $152,662.50. Following the completion of the transaction, the chief financial officer now owns 114,165 shares of the company’s stock, valued at $1,010,360.25. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 243,655 shares of company stock valued at $2,089,214. Company insiders own 0.08% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Morgan Stanley boosted its position in Encana by 34.2% during the second quarter. Morgan Stanley now owns 19,464,355 shares of the oil and gas company’s stock worth $254,011,000 after purchasing an additional 4,962,470 shares during the period. Hillsdale Investment Management Inc. lifted its holdings in shares of Encana by 24.0% during the third quarter. Hillsdale Investment Management Inc. now owns 434,100 shares of the oil and gas company’s stock worth $5,691,000 after buying an additional 83,900 shares in the last quarter. Putnam Investments LLC lifted its holdings in shares of Encana by 4.8% during the second quarter. Putnam Investments LLC now owns 967,998 shares of the oil and gas company’s stock worth $12,633,000 after buying an additional 44,670 shares in the last quarter. Ontario Teachers Pension Plan Board lifted its holdings in shares of Encana by 5.3% during the third quarter. Ontario Teachers Pension Plan Board now owns 3,706,319 shares of the oil and gas company’s stock worth $48,583,000 after buying an additional 186,736 shares in the last quarter. Finally, Tuttle Tactical Management lifted its holdings in shares of Encana by 434.6% during the second quarter. Tuttle Tactical Management now owns 79,120 shares of the oil and gas company’s stock worth $1,032,000 after buying an additional 64,320 shares in the last quarter. 68.12% of the stock is owned by hedge funds and other institutional investors.
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About Encana (NYSE:ECA)
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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