Fred Alger Management Inc. Acquires 734,839 Shares of Encana Corporation (ECA)
Fred Alger Management Inc. grew its holdings in Encana Corporation (NYSE:ECA) (TSE:ECA) by 102.8% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,449,579 shares of the oil and gas company’s stock after acquiring an additional 734,839 shares during the period. Fred Alger Management Inc. owned 0.15% of Encana Corporation worth $12,756,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of the business. Stevens Capital Management LP bought a new stake in shares of Encana Corporation during the 2nd quarter worth $102,000. Atria Investments LLC bought a new stake in shares of Encana Corporation during the 2nd quarter worth $113,000. Equity Investment Corp Acquisition Inc boosted its holdings in shares of Encana Corporation by 5.4% during the 2nd quarter. Equity Investment Corp Acquisition Inc now owns 12,996 shares of the oil and gas company’s stock worth $114,000 after buying an additional 666 shares during the period. First Allied Advisory Services Inc. boosted its holdings in shares of Encana Corporation by 13.3% during the 2nd quarter. First Allied Advisory Services Inc. now owns 13,351 shares of the oil and gas company’s stock worth $119,000 after buying an additional 1,567 shares during the period. Finally, Quantitative Systematic Strategies LLC bought a new stake in shares of Encana Corporation during the 2nd quarter worth $118,000. 66.75% of the stock is owned by institutional investors.
Shares of Encana Corporation (NYSE ECA) opened at 11.169 on Friday. The company has a market capitalization of $10.87 billion, a P/E ratio of 13.312 and a beta of 2.12. Encana Corporation has a one year low of $8.01 and a one year high of $13.85. The firm has a 50-day moving average of $10.20 and a 200-day moving average of $10.18.
Encana Corporation (NYSE:ECA) (TSE:ECA) last released its quarterly earnings data on Friday, July 21st. The oil and gas company reported $0.18 EPS for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.15. Encana Corporation had a net margin of 19.09% and a return on equity of 6.25%. The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $773.19 million. During the same period in the previous year, the business posted $0.10 earnings per share. Equities research analysts expect that Encana Corporation will post $0.51 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were given a dividend of $0.015 per share. The ex-dividend date was Thursday, September 14th. This represents a $0.06 dividend on an annualized basis and a yield of 0.52%. Encana Corporation’s dividend payout ratio (DPR) is 6.98%.
ECA has been the subject of several recent analyst reports. TD Securities decreased their price objective on shares of Encana Corporation from $12.50 to $11.50 and set a “hold” rating for the company in a report on Tuesday, June 13th. GMP Securities reaffirmed a “buy” rating on shares of Encana Corporation in a report on Wednesday, June 14th. BidaskClub raised shares of Encana Corporation from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. BMO Capital Markets set a $13.00 price objective on shares of Encana Corporation and gave the stock a “buy” rating in a report on Thursday, June 15th. Finally, Wolfe Research reaffirmed an “outperform” rating and set a $13.00 price objective on shares of Encana Corporation in a report on Friday, June 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and four have given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $13.52.
Encana Corporation Company Profile
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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